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Form 8-K for ATRINSIC, INC.
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20-Dec-2011
Completion of Acquisition or Disposition of Assets, Other Events
Item 2.01 Completion of Acquisition or Disposition of Assets.
On December 15, 2011, Atrinsic, Inc. (the "Company") completed the sale of its building in Moncton, New Brunswick, Canada to P. Albert Investments Inc. and Denis Albert. The transaction resulted in net cash proceeds to Atrinsic of approximately $645,000 USD.
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Form 8-K for ATRINSIC, INC.
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29-Dec-2011
Entry into a Material Definitive Agreement, Termination of a Material Definitive A
Item 1.01 Entry into a Material Definitive Agreement.
On December 28, 2011, Atrinsic, Inc. (the "Company") entered into an asset purchase agreement (the "Agreement") with Mkono Media Corp., a British Columbia corporation ("Mkono"). Pursuant to the Agreement, Mkono agrees to purchase from the Company certain short codes, domain names, trademarks and databases used in the Company's subscription businesses. The purchase price for the assets is $615,000 and is payable to the Company in cash at the closing. The transaction is scheduled to close on January 6, 2011, or such other date as the parties mutually agree, subject to the satisfaction of various customary closing conditions, including obtaining the requisite consent of the holders of its Secured Convertible Promissory Notes issued on May 31, 2011 (the "Notes"). Please see the Company's Current Reports on Form 8-K filed on June 1, 2011 and October 28, 2011 with the Securities and Exchange Commission for further information on the Company's outstanding debt obligations.
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