UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): March 19, 2007
B2Digital,
Incorporated
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-11882
|
84-0916299
|
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
4425
Ventura Canyon Avenue, Suite 105, Sherman Oaks, CA
|
91423
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code:
(310)
281-2571
(Former name or former address, if changed since last
report.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2 below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement
On
March
19, 2007, B2Digital, Incorporated, a Delaware corporation (the “Company”),
entered into an Asset Purchase Agreement (the “Agreement”) with Eagle West
Communications, Inc., a Nevada corporation and Arizona based cable provider
(“Eagle West”). Pursuant to the Agreement, the Company agreed to purchase from
Eagle West substantially all of the assets relating to the operation of five
cable franchises in North Eastern Arizona. In consideration for the assets
purchased under the Agreement, the Company agreed to pay Eagle West a total
of
$1,200,000 as follows: $100,000 as an earnest money deposit due within five
days
of the execution of the Agreement and payable against certain debt of Eagle
West; 2,500,000 shares of restricted common stock of the Company valued at
$.20
per share (the “Shares”); and a $600,000 convertible promissory note (the
“Note”). The Shares have piggy back registration rights. The Note bears interest
of 7.5% until due at the end of one year and is convertible into common stock
of
the Company at $.20 per share. The Note is secured by the assets purchased
under
the Agreement. The foregoing description of the Agreement does not purport
to be
complete and is qualified in its entirety by reference to the Agreement, Note
and Security Agreement attached hereto as Exhibits 10.1-10.3.
Paul
D.H.
LaBarre is an officer and majority shareholder of Eagle West and an officer,
director and majority shareholder of the Company. Mr. LaBarre abstained from
voting on this transaction. Other than with respect to Mr. LaBarre and the
transaction, there is no material relationship between Eagle West and the
Company or any of its affiliates, or any director or officer of the Company,
or
any associate of any such director or officer.
On
March
19, 2007, the Company issued a press release in connection with the purchase
of
the assets, which is attached hereto as Exhibit 99.1. Subsequent to March 19,
2007, the parties agreed to postpone the closing of the acquisition under the
Agreement until on or about April 16, 2007. The Company has paid $50,000 of
the
consideration under the Agreement and will pay the balance of the consideration,
which includes the issuance of the Shares and the Note, at closing.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits
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Exhibit
No.
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Description
|
| |
|
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10.1
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Asset
Purchase Agreement dated March 19, 2007 between Eagle West Communications,
Inc., a Nevada corporation, and B2Digital, Incorporated
|
|
10.2
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Promissory
Note
|
|
10.3
|
Security
Agreement
|
|
99.1
|
Press
Release
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
April 7, 2007
B2Digital,
Incorporated
By:
/s/Robert Russell
Name:Robert
Russell
Title:
Chief
Executive Officer