Rise and shine SCRCers lets not forget why we are here!!! Go SCRC!!! Tut
On October 18, 2013, the Registrant entered into a purchase agreement with P.I.M.D. International, LLC (“PIMD”) and Vanessa Gonzalez, the sole member of PIMD (the “Seller”), pursuant to which the Registrant agreed to purchase 90% of the outstanding membership units from the Seller for a purchase price of $262,000. Upon the execution of the purchase agreement, the Registrant paid a deposit of $37,000 on the purchase price, of which (i) $25,000 is non-refundable unless the Registrant terminates the purchase agreement as a result of a material breach by the Seller or PIMD and (ii) $12,000 is refundable if the Seller terminates the purchase agreement or refuses or neglects to close. The balance of the purchase price of $225,000 will be paid at closing.
The closing will take place promptly upon the (a) Seller entering into an employment agreement satisfactory to the Registrant (which occurred on October 18, 2013) and (b) PMID (with the Registrant as the 90% owner) has received governmental licenses from the (i) U.S. Drug Enforcement Agency (Controlled Substances Registration Certificate), (ii) Florida Department of Business and Professional Regulation (Prescription Drug Wholesale Distributor license) and (iii) the Florida Department of Health (acknowledgement of Seller as Certified Designated Representative). The Registrant expects that it will take 12 weeks to secure these licenses.
To the extent that the Registrant is able to secure the issuance of all three government licenses in less than 12 weeks, the Seller shall credit to the balance of the purchase price $1,000 for each week that such licenses were obtained prior to the 12 th week.
The Registrant expects the closing of this transaction to occur in January 2014.
http://www.sec.gov/Archives/edgar/data/152147...101813.htm
