Ultimate Rack Inc. (OTCMKTS:UTMR) Files An 8-K Other EventsItem 8.01 Other Events.
On December 12, 2014, December 14, 2014 and January 15, 2015, the Company issued three Convertible Promissory Notes. The Company received on the referenced dates above $50,000, $5,000 and $50,000 respectively in the form of bona-fide cash transfers from each of the three non-affiliated parties (the “Holder(s)” or “Seller(s)”).
On February 17, 2017, River North Equity LLC. (the “Purchaser”), an existing note holder and creditor of the Company, having previously individually negotiated terms with the Sellers, purchased the three Notes through three separate Promissory Note Purchase agreements (the “Agreement(s)”).
Each of the three Sellers individually elected to accept consideration for the sale of their note amounts in the form of a portion of a note held by the Purchaser, dated January 9, 2015, having a principle face value of $111,111.00, and funded by bona-fide cash, in a separate un-associated issuer.
Each Seller conveyed all principle, accrued interest and penalty amounts of their note to the terms of their Agreement with the Purchaser. The purchaser similarly conveyed all proportionate principle, accrued interest and any other accruals to each Seller as the accepted consideration. The Company reviewed the agreement and provided consent to each Agreement.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of Business Acquired.
(b) Pro forma Financial Information.
(c) Shell Company Transaction.
About Ultimate Rack Inc. (OTCMKTS:UTMR)
Ultimate Rack, Inc. is a development-stage company. As of October 31, 2012, the Company had not commenced its operations. As of October 31, 2012, the Company is focused on building and marketing for sale a vehicle mounted rack for bicycles. The Company’s rack is designed to hold up to four bicycles at one time. The rack is designed to fit into 1/4 inch, two inch, or two 1/2 inch trailer hitch receivers, which are the three common trailers, hitch receiver sizes used on cars and light trucks. In July the Company announced that the majority of its assets have been acquired by Travopoly Travel (Travopoly), an online leisure travel booking firm and tour operator.