SUNSTOCK, INC. (OTCMKTS:SSOK) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 22, 2018, Sunstock, Inc. acquired all issued and outstanding shares of common stock of Mom’s Silver Shop, Inc. of Sacramento, California for the purchase price of $241,000. Included in the assets acquired is approximately $60,000 in precious metals inventory. Also included are any machinery, furniture and fixtures, leasehold improvements, licenses and permits, customer lists, logo, trade names, signs, and websites. Financing of the purchase is by a $10,000 deposit, $33,000 unsecured note payable with principle payments of $1,000 per week for 33 weeks starting January 1, 2019 with 4.5% annual interest accrued on the unpaid balance (total accrued interest due August 27, 2019), and the assumption of liabilities and lease obligations in the aggregate of approximately $198,000.
Mom’s Silver Shop had unaudited net revenues of approximately $4,800,000 for the year ended December 31, 2015, $4,000,000 for the year ended December 31, 2016, and $3,800,000 for the year ended December 31, 2017.
Mom’s Silver Shop specializes in buying and selling gold, silver, and rare coins, and is one of the leading precious metals retailers in the greater Sacramento metropolitan area.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| Exhibit No. | Description |
| 9.1 | Business Purchase Agreement |
Sunstock, Inc. Exhibit…To view the full exhibit click here
About SUNSTOCK, INC. (OTCMKTS:SSOK)
Sunstock, Inc., formerly Sandgate Acquisition Corporation, owns and operates discount retail stores. The Company operates a deep discount variety retail store under the name Dollar Green Stores (dollar stores) in Sacramento, California. The Company intends to acquire and operate hotels and residential properties in the areas of California, such as Southern California and the Bay Area. The Company intends to offer additional products, including gifts, party goods, toys, batteries, small electronics, greeting cards, pet supplies, pet food, gardening supplies, durable housewares, kitchen supplies, cookware, consumables, such as paper, plastics, household chemicals, and other items, including seasonal goods, such as Easter, Halloween and Christmas merchandise.