UNITED STATES SECURITIES AND EXCHANGE COMMISSIO
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Posted On: 11/09/2018 10:48:12 PM
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): November 1, 2018
INTELLIGENT HIGHWAY SOLUTIONS, INC.
Item 8.01 Other Events
As more detailed in the below section, Background, the Registrant previously disclosed the acquisition of Crescent, and related litigation with a lender, TCA.
The litigation with TCA regarding Crescent continues in court, with the Registrant as the Plaintiff, in South Florida. Unfortunately, TCA has not filed an Answer to the claims as of this date, and it is believed TCA continues to assert that it owns and or controls Crescent and or assets of Crescent.
The records of Crescent, otherwise needed for such things as completing financial statements, completing audits, among other things, remain in limbo given the lack of settlement with TCA and lack of court order to the contrary. The Registrant believes it owns and controls Cresent but in light of litigation and lack of cooperation from TCA on related issues, the Registrant ability to complete financial statement audits and consolidations for accounting purposes is stymied.
Thus the Registrant, especially as it relates to accounting, believes it can't consolidate Crescent and thus to that extent states same, without waiving it rights and claims to Crescent ownership and control pending review in front of the Court. Thus on November 1, 2018 management determined, upon advice of professionals, that it will not consolidate Crescent though it does not waive rights and claims to Crescent.
Background
On March 13, 2017, the Registrant, Intelligent Highway Solutions, Inc., (IHSI) confirmed the partial completion of a closing involving a certain acquisition and certain related credit facilities, such closing referenced by the parties as the Intelligent Highway Solutions, Inc. - Crescent Construction Company Inc. Purchase (the “Transaction”).
In summary, a company acquired ownership of the acquisition, and also provided the Registrant rights to take control of the ownership of the acquired company, and another company agreed to fund the acquisition and certain working capital, to allow the completion of the overall Transaction.
Reference is made to the Registrant’s Form 8-K filed in March, 2017, concerning the March 21, 2017 event of the acquisition. Reference is also made to the Amendment filing on or about March 12, 2018, where the Registrant determined, upon advice of advisors and in light of comments supplied the Registrant in communications with the SEC, to file an amendment.
Such prior Form 8-K(s) provides the names and details of said Transaction and is incorporated herein by reference .
source
https://www.sec.gov/Archives/edgar/data/15497...orm8-k.htm
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): November 1, 2018
INTELLIGENT HIGHWAY SOLUTIONS, INC.
Item 8.01 Other Events
As more detailed in the below section, Background, the Registrant previously disclosed the acquisition of Crescent, and related litigation with a lender, TCA.
The litigation with TCA regarding Crescent continues in court, with the Registrant as the Plaintiff, in South Florida. Unfortunately, TCA has not filed an Answer to the claims as of this date, and it is believed TCA continues to assert that it owns and or controls Crescent and or assets of Crescent.
The records of Crescent, otherwise needed for such things as completing financial statements, completing audits, among other things, remain in limbo given the lack of settlement with TCA and lack of court order to the contrary. The Registrant believes it owns and controls Cresent but in light of litigation and lack of cooperation from TCA on related issues, the Registrant ability to complete financial statement audits and consolidations for accounting purposes is stymied.
Thus the Registrant, especially as it relates to accounting, believes it can't consolidate Crescent and thus to that extent states same, without waiving it rights and claims to Crescent ownership and control pending review in front of the Court. Thus on November 1, 2018 management determined, upon advice of professionals, that it will not consolidate Crescent though it does not waive rights and claims to Crescent.
Background
On March 13, 2017, the Registrant, Intelligent Highway Solutions, Inc., (IHSI) confirmed the partial completion of a closing involving a certain acquisition and certain related credit facilities, such closing referenced by the parties as the Intelligent Highway Solutions, Inc. - Crescent Construction Company Inc. Purchase (the “Transaction”).
In summary, a company acquired ownership of the acquisition, and also provided the Registrant rights to take control of the ownership of the acquired company, and another company agreed to fund the acquisition and certain working capital, to allow the completion of the overall Transaction.
Reference is made to the Registrant’s Form 8-K filed in March, 2017, concerning the March 21, 2017 event of the acquisition. Reference is also made to the Amendment filing on or about March 12, 2018, where the Registrant determined, upon advice of advisors and in light of comments supplied the Registrant in communications with the SEC, to file an amendment.
Such prior Form 8-K(s) provides the names and details of said Transaction and is incorporated herein by reference .
source
https://www.sec.gov/Archives/edgar/data/15497...orm8-k.htm
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