CMGO Huge 8-K Last Week 31,000,000 Shares CANCELLE
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Item 8.01 Other Events.
The Registrant announces today the completion of the settlement agreement with prior management, stated in the Form 8-K filed on August 5, 2013. The terms of the settlement changed slightly, however 31 million common shares were actually forfeited. The company determined that rather than litigate any further we would accept the 31 million shares and close the books on the past. These shares will be returned to the transfer agent and will be cancelled from the total outstanding shares.
The Registrant would further like to announce that a payment of $85,000 was made yesterday, by Audio Eye to us. This leaves a balance due of $1.415 million on the Audio Eye deal. We expect the deal to be completed shortly and we will announce the completion immediately. We had expected a close on November 7, 2013 but as with all deals the timing is subject to change. As soon as the transaction closes we will be making a number of strategic moves and we will keep you abreast.
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