SOLARIS POWER CELLS, INC. (OTCMKTS:SPCL) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 Entry into a Material Definitive Agreement.
The Settlement Amount included the assignment to Blue Citi of certain amounts owed by the Company. The total of this amount was $68,045, comprised of the following:
|Vendor||Amount Owed||Description of Services|
|Spectrum Law Group, LLP||$||30,000||Legal work related to the filing of SEC Form 10-K for Company for 2015; legal work related to the filing of the Company’s delinquent SEC filings for 2016.|
|Palaut Management||$||25,000||Finance and accounting services; preparation of financial statements and notes; and, all work related to the preparation and filing of all delinquent SEC filings for the Company for 2015 and 2016.|
|Ankit Consulting Services Inc.||$||10,000||Audit services and all related work for the filing with the SEC of the Company’s Form 10-K for 2015.|
|Quick Silver Stock Transfer||$||1,545||Transfer agent services provided to the Company during 2017.|
|KLJ & Associates||$||1,500||Audit services and related work in order to include results of the Company’s 2014 audit in the Company’s Form 10-K for 2015 to be filed with the SEC.|
ITEM 8.01 Other Events.
The Company continues to be delinquent in its filings with the SEC under the Securities Exchange Act of 1934. The Company’s management has been diligently working with outside auditors, consultants, and legal counsel in order to file its Form 10-K for 2015 as soon as practicable. The expenses described in Item 1.01, above (except for the amount owed to Quick Silver Stock Transfer), were incurred for purposes of completing and filing the Company’s Form 10-K for 2015. The Company is committed to filing as soon as practicable all reports required of it under the Securities Exchange Act of 1934.
About SOLARIS POWER CELLS, INC. (OTCMKTS:SPCL)
Solaris Power Cells, Inc. is developing a renewable energy storage device, Passive Electron Storage Array (PESA) to market to residential and commercial industrial users. The Company has developed a prototype of its Solaris Power Cell, which is a 100% lead-free, solid state digital storage device. The Company’s device provides a printed circuit board assembly (PCBA) that creates an intelligent power cell creating digital energy storage solution capable of providing energy storage to applications normally reliant and equipped with highly toxic lead acid and nickel metal hydride batteries. Its products can use any renewable or non-renewable energy source, including sun, wind, water, motion or thermal to provide the energy to be stored. Its system stores direct current (DC) energy at a rate limited only by the network feeding it. Its system uses the energy collected by solar panels to charge a PESA array.