NoHo Inc (DRNK)

[Toxic Avenger]

Not for DRNK shareholders. They get nothing from NoHo sales NOW!
"Within a reasonable period after the Closing Date, NOHO agreed to convey to a third party entity Mix 1, LLC (hereinafter “Mix 1”), all assets and liabilities of NOHO listed in the Agreement. NOHO agreed to indemnify Media360 for any and all damages, losses, settlement payments, in respect of deficiencies, liabilities, costs, expenses and claims suffered, sustained, incurred or required to be paid by such NOHO.

The assets that are being conveyed to Mix 1, LLC are as follows: i) all Intellectual Property of NOHO, Inc.; ii) websites, social media and point of purchase materials and displays; iii) all inventory and formulations; iv) furniture, computers and fixtures; and v) all contracts and distribution agreements.

The liabilities that are being conveyed to Mix 1, LLC are as follows: i) all deferred and accrued salaries of NOHO; ii) all accounts payable of NOHO; and iii) a Loan Agreement between NOHO and Presidio for $120,000."