FLASR, INC. (OTCMKTS:FLSR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On March 29, 2017, the Company entered into a Settlement Agreement with Northbridge Financial Inc. (“Northbridge”), whereby Northbridge acquired liabilities of the Company in an amount of $105,312.50, which was owed by the Company to various third parties related to legal and accounting services, as well as other service providers related to the Company’s operations. The Company and Northbridge then entered into an Order Granting Approval of the Settlement Agreement, and Northbridge converted the Debt to a 3(a)(10) exemption into 40,000,000 shares of the Company’s common stock. The conversions took place between March 29, 2017 and March 31, 2017. The shares did not extinguish all of the debt of the Company; instead, the shares issued were a second tranche toward extinguishing debt of the Company.
Item 3.02 Unregistered Sales of Equity Securities.
Reference is made to the disclosure set forth under Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated herein by reference.
Item 8.01. Other Events.
On April 1, 2016, the Company filed Form 10-Q for the quarter ended December 31, 2015 (the “10-Q”). In note 5 to the 10-Q, under the heading, “Convertible Notes”, the Company stated that it had entered into a Securities Purchase Agreement with Beaufort Capital Partners, LLC, (i) for the purchase of a convertible promissory note from Craigstone Ltd. in the principal amount of $83,339,24 (the “Note”), (ii) that to the Note, 34,510,127 options had been converted, and (iii) the Note had a principal balance of $22,874, as of the third quarter of 2015. The Company is correcting note 5 to the 10-Q to state that no options have been converted under the Note, and the principal balance of the Note is currently $40,000.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
None.
About FLASR, INC. (OTCMKTS:FLSR)
FLASR, Inc. sells portable waste solutions for consumers of moist tobacco products. The Company offers FLASR, which is a reusable spittoon system. FLASR is a tobacco flask made for smokeless users. It is a portable spittoon that can be used in public without the stigma that cups and other spittoons create. The Company’s offerings include Winter Camo, Speed and Champinship Bull Riding, which are made of polyethylene and feature a one-handed operation. FLASR, INC. (OTCMKTS:FLSR) Recent Trading Information
FLASR, INC. (OTCMKTS:FLSR) closed its last trading session down -0.00020 at 0.00080 with shares trading hands.