IDI Global, Inc., entered into a Stock Purchase Agreement with Solution X International, Inc., dated as of June 6, 2007, relating to the sale by IDI Global of all of the issued and outstanding shares of common stock of Internet Development, Inc., a wholly owned subsidiary of the Company to Solution X. The consummation of the Stock Purchase Agreement and sale of the shares was subject to higher and better offers and approval of the Bankruptcy Court. No higher and better offers were submitted to the Company, and as a result the Stock Purchase Agreement was submitted to the Bankruptcy Court for approval. On August 1, 2007, after an evidentiary hearing, the Bankruptcy Court entered an order approving the Stock Purchase Agreement, and the sale has closed. Pursuant to this Agreement, Solution X International, Inc. has paid the Company $40,000, the lawsuit against Internet Development, Inc. was dismissed, resulting in the release to the Company of approximately $166,000 held in trust while the suit was pending, and all of Internet Development, Inc.'s claims against the Company and its subsidiaries, totaling over $500,000 were released. That transaction has been ordered by the bankruptcy as of the date of this report, and it is anticipated that transaction will be consummated in August 2007.
As a result of Stock Purchase Agreement and the settlement with the Mentoring Parties, discussed above, IDI Global currently has no operating subsidiaries.
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