Was their a holding period for the last 8K filing exempt the 5 million on ESCROW ???
? On October 11, 2010, Clear Skies Solar, Inc. (the “Company”) issued 5,000,000 shares of common stock as security for settlement of an account payable to a vendor. The shares were placed into escrow and will be returned to the Company upon satisfaction of the account payable.
On October 12, 2010, the Company entered into stock purchase agreements with Chevra Toras Chesed (“Chevra”) and Congregation Kehal Yerayim Ateres Zvi (“Kehal”), pursuant to which, on October 13, 2010, the Company sold an aggregate of 10,000,000 shares of common stock (of which 5,000,000 shares were sold to each buyer) for a purchase price of $0.025 per share (for an aggregate purchase price of $250,000).
On October 13, 2010, the Company entered into stock purchase agreements with Chevra and Kehal, pursuant to which the Company sold an aggregate of 4,000,000 shares of common stock (of which 2,000,000 shares were sold to each buyer) for a purchase price of $0.0325 per share (for an aggregate purchase price of $130,000).
In connection with the foregoing, the Company relied on the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended, for transactions not involving a public offering.
AI
