|
SUBSEQUENT EVENT
|
12 Months Ended |
|---|---|
|
Dec. 31, 2014
|
|
| SUBSEQUENT EVENT | |
| SUBSEQUENT EVENT | NOTE 8 SUBSEQUENT EVENT
As disclosed in the Current Report on Form 8-K, filed on March 11, 2015, the Company entered into a Settlement Agreement and Stipulation Agreement (the Settlement Agreement) with IBC Funds, LLC, a Nevada limited liability company (IBC) pursuant to which the Company agreed to issue common stock to IBC in exchange for the settlement of $85,827.93 (the Settlement Amount) of past-due accounts payable of the Company. IBC purchased the accounts payable from certain vendors of the Company.
On March 6, 2015, the Circuit Court of the Twelfth Judicial Circuit in and for Manatee County, Florida (the Court), entered an order (the Order) approving, among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended (the Securities Act), in accordance with a stipulation of settlement, pursuant to the Settlement Agreement between the Company and IBC, in the matter entitled IBC Funds, LLC v. Ehouse Global, Inc. (the Action). IBC commenced the Action against the Company to recover an aggregate of $85,827.93 of past-due accounts payable of the Company (the Claim), which IBC had purchased from certain vendors of the Company pursuant to the terms of separate receivable purchase agreements between IBC and each of such vendors. The Order provides for the full and final settlement of the Claim and the Action. The Settlement Agreement became effective and binding upon the Company and IBC upon execution of the Order by the Court on March 7, 2015.
Pursuant to the terms of the Settlement Agreement approved by the Order, on March 7, 2015, the Company agreed to issue to IBC shares (the Settlement Shares) of the Companys common stock, $0.001 par value (the Common Stock). The Settlement Agreement provides that the Settlement Shares will be issued in one or more tranches, as necessary, sufficient to satisfy the Settlement Amount through the issuance of freely trading securities issued pursuant to Section 3(a) (10) of the Securities Act. Pursuant to the Settlement Agreement, IBC may deliver a request to the Company which states the dollar amount of Common Stock to be issued to IBC. The parties agree that the total amount of Common Stock to be delivered by the Company to satisfy the share request shall be issued at a 50% discount to market based upon the average of the volume weighted average price of the Common Stock over the 20 trading day period preceding the share request. Additional tranche requests shall be made as requested by IBC until the Settlement Amount is paid in full so long as the number of shares requested does not make IBC the owner of more than 9.99% of the outstanding shares of Common Stock at any given time.
The Company has evaluated all events that occurred after the balance sheet date of December 31, 2014, through April 10, 2015, the date that these financial statements were available to be issued. |