uksausage
1 month ago
Still pretending to get current….
Section 1 – Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On October 15, 2024, we executed an Asset Purchase Agreement (the “Agreement”) by and between us and Renewable Energy, LLC, a Delaware limited liability company (the “Buyer”). Pursuant to the Agreement, we sold assets of our renewable innovation business, including the manufacturing, selling and renting of alternative energy and hybrid energy systems including ac power and dc power systems, which includes the integration of fuel cells and technology using fuel cells as a source of power (collectively, the “Renewable Business”). The sale did not include business related to our large suppliers and client agreements, our domain names, or our goodwill and going concern value. We will enter into a Reseller Agreement with the Buyer and continue to sell or rent products with our branding to existing customers developed over the past three years as well as new customers. The Parties will work together to generate business for their mutual benefit.
As consideration for the sale of the Renewable Business, we received total consideration equal to $4,685,216 in the form of (a) the assignment of $1,077,922 in promissory notes owed by us to C. Brilliant, LLC to Buyer, which notes were cancelled, (b) $1,173,378 in cash advances already made to us by Buyer, and (c) $2,433,916 in cash, which will be used to pay off liabilities and provide working capital for operations, including getting current in our filings with the Securities and Exchange Commission. We also received two percent (2%) of the equity in Buyer.
Section 2 – Financial Information
Item 2.01 Completion of Acquisition or Disposition of Assets.
The disclosure in Item 1.01 is incorporated herein by reference. The sale of the Renewable Business did not constitute a sale of substantially all of our assets.
Section 8 – Other Events
Item 8.01 Other Events.
On September 27, 2024, a Class Action Complaint was filed in the U.S. District Court for the District of Utah against us, Renewable Innovations Corp., Robert L. Mount and Lynn Barney by Alex Aliksanyan, Thomas Grbelja, William McLeod, and three others alleging violations of Sections 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 thereunder, against the individual defendants for breach of Section 20(a) of the Exchange Act and breach of fiduciary duty, and asking for an injunction blocking the transaction described above in Item 1.01. We believe the allegations are wholly without merit and for the sole benefit of the plaintiffs to the detriment of all the other shareholders and intend to move to have them dismissed as soon as possible.
Drugdoctor
5 months ago
I tried to email them, and this is what happened...
The Advocate
Sun, Jul 14, 10:58?AM (1 day ago)
to investor
Hello Mr. Barney,
My name is Drug Doctor, and I have been an investor in $REII since you first went public.
I am disappointed that Renewable Innovations has not updated investors as to their plans on getting current, and getting the stock tradeable again. I'm also worried that the SEC will REVOKE THE REGISTRATION of the stock if no updates are made, which will cause me a substantial loss. Please respond as to the companies intentions of becoming a public trading entity again.
If you feel you can't respond to an individual, then please make a SEC filing or a PRESS RELEASE to tell all us investors of the intentions of the company.
Respectfully,
__________________________________________________________________________________________________________________________
Mail Delivery Subsystem <mailer-daemon@googlemail.com>
Jul 14, 2024, 10:59?AM (1 day ago)
to me
Error Icon
Message blocked
Your message to investor@renewable-innovations.com has been blocked. See technical details below for more information.
The response from the remote server was:
550 5.4.1 Recipient address rejected: Access denied. [BL02EPF0001A108.namprd05.prod.outlook.com 2024-07-14T14:59:04.704Z 08DCA35B9DF07640]
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