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QFOR > SEC Filings for QFOR > Form 8-K on 3-Jan-2014All Recent SEC Filings

Show all filings for QUADRANT 4 SYSTEMS CORP

Form 8-K for QUADRANT 4 SYSTEMS CORP


3-Jan-2014

Unregistered Sale of Equity Securities, Financial Statements and Exhibits


ITEM 3.02: Unregistered Sales of Equity Securities.

On December 23, 2013, the Company received notice of election by certain holders of warrants totaling One Million, Twenty Thousand Dollars ($1,020,000) which were being tendered in exchange for the issuance of shares of common stock. Pursuant to such exercise, effective December 30, 2013, the Company sold (issued) 1,700,000 shares of its common stock. All recipients of common stock are believed to be accredited investors and no shares were issued to any other parties other than holders of the warrants. The Company has been contacted by other holders of warrants seeking to convert and anticipates additional notices to convert; additionally, the Company has contacted certain other holders of convertible debt and warrants about negotiated conversions in an effort to improve the Company's balance sheet. All stock to be issued to current warrant-holders will be unregistered securities. The Company intends to convert or negotiate approximately $5,400,000 of liabilities which will involve both conversions of debt in exchange for issued shares of stock to be subject to lock-up agreements up to 24 months and negotiated reductions of outstanding liabilities by discounted cash payments.



ITEM 9.01: FINANCIAL STATEMENTS AND EXHIBITS

Financial statements of business acquired - Not required;

Pro forma financial information - Not required;

Shell Company Transactions - Not required;

Exhibits - None;


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