EFTB starts filing again 10K out after hour; $1.2M cash flow in;
As of February 8, 2018, 75,983,201 shares of the common stock of the registrant were issued and outstanding.
Stock Purchase Agreement
In February 2018, the Company entered into Stock Purchase Agreement with an unrelated third party, JFL Capital Ltd., pursuant to which the Company sold all of the capital stock of its subsidiary, EFT Investment Co. Ltd. (EFTI). The gross purchase price under the Stock Purchase Agreement is $3,010,000, with the net purchase price of $1,200,000, after deduction for the following debt of EFTI: (a) $1,000,000 owed by EFTI to EFT Assets Limited (EFT Assets), which is be paid to EFT Assets by JFL Capital, and (b) $800,000 owed by EFTI to the Company, which debt was cancelled by the Company. Payment of the $1,200,000 net amount is to be made to the Company in monthly installments of $50,000, until paid.
Settlement of Lawsuit
In December 2017, the Company resolved its lone remaining legal matter, a lawsuit against Buckman Buckman & Reid and Peter Lau, which was resolved to the parties’ mutual satisfaction. Under the settlement, the Company was paid an initial sum of approximately $567,555 in July 2018 and, since July 2018, has received approximately $13,888 per month, which monthly payments are to continue through March 2021. https://www.otcmarkets.com/filing/html?id=13274569&guid=gqCtUeO9ab471yh