SEC Filing Summary: Title Starts Online, Inc.
Business Context and Reporting Period
This Form 8-K was filed by Title Starts Online, Inc. (not Workhorse Group Inc.) on March 16, 2010, reporting events occurring on March 15, 2010. The company is incorporated in Nevada and operates from Blue Ash, Ohio. The filing discloses a private placement transaction involving the sale of equity securities.
Key Financial Metrics
- Capital Raised: $250,000 aggregate purchase price.
- Shares Issued: 44,643 shares of common stock.
- Effective Price Per Share: Approximately $5.60.
- Transaction Costs: $25,000 cash commission paid to the placement agent.
- Warrants Issued: 4,464 warrants issued to the placement agent with an exercise price of $5.60 per share.
- Revenue, Profit, Cash Flow, Debt, Liquidity: The filing text does not provide a clear value for these operational or balance sheet metrics.
Material Changes
The primary material change is the increase in outstanding common stock by 44,643 shares and the issuance of 4,464 warrants. The company received $250,000 in cash proceeds, net of the $25,000 cash commission paid to John Carris Investments LLC.
Outlook, Risks, and Unusual Items
The transaction was conducted as a private placement under Section 4(2) and Rule 506 of the Securities Act of 1933, exempting it from registration. The investors were accredited. The filing notes that the summary is qualified in its entirety by reference to the full subscription agreements attached as exhibits. No specific forward-looking guidance or risk factors beyond standard transaction disclosures were included in this specific report.
Investor Verification Checklist
- Verify the exact terms of the subscription agreements in Exhibit 4.1.
- Confirm the total number of outstanding shares post-transaction to assess dilution.
- Review the company's current cash position to determine the impact of the $250,000 infusion.
- Check for any subsequent filings regarding the exercise of the 4,464 warrants issued to the placement agent.