Business Context and Reporting Period
This Form 8-K was filed by KSIX Media Holdings, Inc. on December 27, 2017. The filing reports on corporate governance changes and subsidiary rebranding rather than financial performance. The company is currently in a pending merger with True Wireless, LLC ("TW").
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document explicitly states that no payments have been made under a recently terminated management agreement.
Material Changes
- Termination of Management Agreement: The Company and Brian Cox mutually agreed to cancel and terminate a Management and Marketing Agreement dated July 18, 2017, ab initio (as if it never existed). The Company confirmed it provided no services and received no payments under this agreement.
- Subsidiary Rebranding: A wholly-owned subsidiary, Surge Payment Systems, LLC, has been renamed Surge Blockchain, LLC to better reflect its business operations.
Outlook, Risks, and Management Commentary
Management confirmed that the termination of the management agreement will not affect the pending closing of the merger with True Wireless, LLC. The Company anticipates the merger will close once its financial reporting is current. No specific risks or contingencies beyond the status of the merger were detailed in this report.
Investor Verification Checklist
- Verify the current status of the merger with True Wireless, LLC.
- Confirm the timeline for the Company to bring its financial reporting up to date.
- Review the operational scope of the renamed subsidiary, Surge Blockchain, LLC.
- Check for any subsequent filings regarding the July 2017 management agreement to ensure no hidden liabilities exist.