Point Capital, Inc. (OTCMKTS:PTCI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Agreement.
On November 5, 2018, Point Capital, Inc. (the “Company”) entered into 14 separate Return to Treasury Agreements, whereby Darlene Gaudios, holding 100,000 shares of common stock of the Company, Richard W. Hunt, holding 200,000 shares of common stock of the Company, Barbara Mittman, holding 1,378,404 shares of common stock of the Company, Whalehaven Capital Fund Limited, holding 17,839,059 shares of common stock of the Company, Tara Best, holding 25,000 shares of common stock of the Company, William R Hunt, holding 200,000 shares of common stock of the Company, Mario Marsillo Jr., holding 2,600,620 shares of common stock of the Company, Richard A Brand, holding 2,042,080 shares of common stock of the Company, Chi Squared Capital Inc. holding 2,053,120 shares of common stock of the Company, Vincent Labarbara, holding 2,600,620 shares of common stock of the Company, Momona Capital LLC, holding 1,500,000 shares of common stock of the Company, Network 1 Financial Group, holding 306,313 shares of common stock of the Company, Osher Capital Inc., holding 1,500,000 shares of common stock of the Company, and Alpha Capital Anstalt, holding 3,060,057 shares of common stock of the Company agreed to return their a portion of their respective holdings to treasury in exchange for certain consideration as described below. As a result, the Company the total issued and outstanding number of shares of common stock of the Company would be reduced by 28,726,901. The transaction described herein closed on December 13, 2018.
| Shareholder | Number of Shares Held | Number of Shares Cancelled | Consideration | |
| Darlene Gaudios | 100,000 | 80,000 | $ | 8.00 |
| Richard W. Hunt | 200,000 | 160,000 | $ | 16.00 |
| Barbara Mittman | 1,378,404 | 1,102,723 | $ | 110.27 |
| Whalehaven Capital Fund Ltd. | 17,839,059 | 14,673,930 | $ | 1,467.39 |
| Tara Best | 25,000 | 20,000 | $ | 2.00 |
| William R. Hunt | 200,000 | 160,000 | $ | 16.00 |
| Mario Marsillo Jr. | 2,600,620 | 2,080,496 | $ | 208.05 |
| Richard A. Brand | 2,042,080 | 1,633,664 | $ | 163.37 |
| Chi Squared Capital Inc. | 2,053,120 | 1,642,496 | $ | 164.25 |
| Vincent Labarbara | 2,600,620 | 2,080,496 | $ | 208.05 |
| Momona Capital LLC | 1,500,000 | 1,200,000 | $ | 120.00 |
| Network 1 Financial Group | 306,313 | 245,050 | $ | 24.51 |
| Osher Capital Inc. | 1,500,000 | 1,200,000 | $ | 120.00 |
| Alpha Capital Anstalt | 3,060,057 | 2,448,046 | $ | 244.80 |
| Total | 35,402,273 | 28,726,901 | $ | 2,872.69 |
Item 2.01 Completion of Acquisition or Disposition of Assets.
On September 28, 2018, Point Capital, Inc. (the “Company”) entered into an Asset Purchase with Blind Faith Concepts Holdings, Inc. whereby the Company acquired three trademarks related to the NFID brand, the web domain www.nfid.com, and assumption of Brand Ambassador Agreement in exchange for 2,000,000 shares of common capital stock of the Company. NFID is a unisex footwear brand that we now be sold under the banner. Management will need to continue R&D and product development to fully launch the product, but in no way is the Company ceasing operations.
This item serves to correct the Form 8-K filed on September 28, 2018 which incorrectly identified the seller as Blind Faith Concepts, Inc, a New York corporation.
Item 9.01 Financial Statements and Exhibits.
Point Capital, Inc. Exhibit
EX-10.1 2 f8k121318ex10-1_pointcapital.htm CORRECTED ASSET PURCHASE AGREEMENT,…
To view the full exhibit click here
About Point Capital, Inc. (OTCMKTS:PTCI)
Point Capital, Inc. is a closed-end, non-diversified investment company that is regulated as a business development company. The Company’s investment objective is to provide current income and capital appreciation. The Company intends to accomplish its objective by investing in the common stock, preferred stock, warrants and convertible notes of small and mid-cap companies. The Company’s investments are made principally through direct investments in prospective portfolio companies. The Company may also purchase securities in private secondary transactions. The Company will also consider investing in private companies that meet its investment objectives. It makes loans to small the United States companies. In addition to lending directly to companies, it buys secondary loans and portfolios. It also offers loans for private equity sponsors. It offers loans for recapitalization, acquisitions, real estate or dividend funding. It also makes bridge loans.
