Filing just out:
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) ____April 5, 2002
____
_________________ Brandmakers, Inc. _________________
(Exact Name of Regristrant as Specified in Its Charter)
_______________________ Utah
________________________
(State or Other Jurisdiction of Incorporation)
_____ 0-28184 ____
_______ 37-1099747
_______
(Commission File Number)
(IRS Employer
Identification Number)
_ 140 Satellite Bl. Suite C Suwanee, GA
_
__ 30024 __
(Address of Principal Executive Offices)
(Zip Code)
________________ 770 - 338 - 1958 ________________
(Registrant's Telephone Number, Including Area Code)
__________________________________________________
(Former Name of Former Address, if Changed Since Last Report)
Brandmakers, Inc. sold their ZOOM Communications division effective April 5, 2002
under an Asset Purchase Agreement with NTN Communications, Inc. (AMEX: NTN).
Assets and Liabilities were transferred per Exhibit A which was the book value as of
March 15, 2002. In addition, Brandmakers, Inc. received $20,000 of restricted
common shares of NTN Communications, Inc. Brandmakers, Inc. was relieved from
the responsibility of current losses as well as the liabilities. Russ Ford, President and
Sal Veni, Chief Operating Officer, resigned their positions with Brandmakers to
manage the division for NTN.
Brandmakers restructured the outstanding debt of $518,400 with Multi-Page
Communications, reducing the note to $100,000 with $5,000 down and $95,000
amortized over five years at 9% interest with a balloon payment at the end of one
year. However, the full amount less payments will remain on the balance sheet until
the final payment is made. All payments must be made on a timely basis with a thirty
day grace period.
Book Value
As of March 15, 2002
ZOOM Communications Division
Assets:
Accounts Receivable
Factored
$
90,047.36
90 days from invoice date
21.311.17
Other
18,363.83
-----------
129,722.36
Prepaid inventory
2,995.00
Inventory
45,052.04
Demo Systems
11,898.50
Advanced Replacement Systems
11,272.50
Fixed Assets, Net
92,966.17
-----------
Total Assets
$
293,906.57
-----------
Liabilities
Accounts Payable
$
234,284.20
Line of Credit
72,265.22
Deferred Revenue:
Credit Balances in A/R
7,213.35
-----------
Total Liabilities
313,762.77
-----------
Net Book Value
(19,856.20)
===========
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