PAYMEON, INC. (OTCMKTS:PAYM) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01
ENRTY INTO A MATERIAL DEFINITIVE AGREEMENT
Effective February 21, 2017, the Company entered into and
completed a membership interest purchase agreement to acquire
100.0% of the membership interests of Rockstar Acquisitions, LLC
(Rockstar). Rockstar was organized under the laws of the State of
Florida in November 2016. Rockstar leverages its licensed
intellectual property, technology and processes to produce Basalt
Fiber Reinforced Polymer products that are used as replacements
for steel products that reinforce concrete such as rebar. Our
Chairman and CEO, Edward A. Cespedes and our Director and largest
individual shareholder, Vincent L. Celentano, are the Managing
Members of Rockstar. In consideration of the acquisition of all
of the issued and outstanding membership interests of Rockstar,
the Company issued an aggregate of 95,500,000 restricted shares
of its common stock to the members of Rockstar. For accounting
purposes the transactions are recorded at their historical cost.
ITEM 2.01
COMPLETION OF AN ACQUISITION OR DISPOSITION OF
ASSETS
The information provided under Item 1.01 is incorporated herein
by reference.
ITEM 3.02
UNREGISTERED SALES OF EQUITY SECURITIES
As more fully described in Item 1.01 above, the Company issued
95,500,000 shares of common stock to the members of Rockstar
Acquisitions, LLC in consideration of the acquisition of 50% of
the membership interests of Rockstar Acquisitions, LLC. The
shares of common stock were issued under the exemption from
registration provided by Section 4(a)(2) of the Securities Act of
1933, as amended. The shares contain a legend restricting
transferability absent registration or applicable exemption.
Following these transactions, on February 21, 2017, the Company
has issued and outstanding approximately 113,267,722 shares of
common stock.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibits.
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ExhibitNo. |
Description |
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10.1 |
Rockstar Membership Interest Purchase Agreement |
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About PAYMEON, INC. (OTCMKTS:PAYM)
PayMeOn, Inc. (PayMeOn), formerly MMAX Media, Inc., owns and operates products that are focused on monetizing consumer influence through social, local and mobile marketing. The Company is engaged in the sale of electric bicycles, hoverboards, and other related products and accessories, at its Website, www.irideelectric.com, and at its retail location located in Fort Lauderdale, Florida. PayMeOn holds a stake in Prodeco Technologies, LLC, which is a researcher, developer, marketer and manufacturer of electric bicycles. The Company sells ProdecoTech electric bicycles online through its Website, www.irideelectric.com, under a non-exclusive dealer agreement. In addition to ProdecoTech electric bicycles, the Company also sells electric bicycles made by other manufacturers. PayMeOn holds an interest in HLM Paymeon, Inc. and Paymeon Brands, Inc. Paymeon Brands, Inc. is formed to develop, market, manage and monetize lifestyle brands and products. PAYMEON, INC. (OTCMKTS:PAYM) Recent Trading Information
PAYMEON, INC. (OTCMKTS:PAYM) closed its last trading session down -0.008 at 0.581 with shares trading hands.