Add
NXOI.OB to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| NXOI.OB > SEC Filings for NXOI.OB > Form 8-K on 19-Aug-2011 | All Recent SEC Filings |
19-Aug-2011
Termination of a Material Definitive Agreement, Creation of a Direct Fin
On August 17, 2011, Next 1 Interactive, Inc. (the "Company"), Omniverse, New Media Buys and Jason M. DeMeo entered into an Agreement of Termination and Release (the "Agreement") terminating the Asset Purchase Agreement entered into by the parties on June 3, 2011. Pursuant to the Agreement Mr. DeMeo returned 3,000,000 shares of the Company's common stock to the Company and the Company returned all of the purchased assets to the sellers. A copy of the Agreement is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 1.02.
On August 19, 2011, the Company issued a $250,000 principal amount secured convertible promissory note to an investor that pays interest at the rate of 8% per annum, matures on May 31, 2012 and is convertible into common stock at a conversion price of $0.012 per share until December 15, 2011 and from December 16, 2011 until maturity, at a conversion price equal to 90% of the average closing price of the common stock during the ten (10) trading days prior to conversion but in no event shall the conversion price be less than $0.05 per share. The form of note is attached hereto as Exhibit 99.2 and is incorporated by reference into this Item 2.03.
(d) Exhibits.
99.1 Agreement of Termination and Release dated August 17, 2011 by and between Next 1 Interactive, Inc., Omniverse, New Media Buys and Jason M. DeMeo.
99.2 Form of Note dated August 15, 2011.
|
|