SEC Filing Summary: Reality Interactive, Inc. (Form 8-K)
Business Context and Reporting Period
This Form 8-K was filed by Reality Interactive, Inc. (not Evolution Petroleum Corp) on January 6, 2002, reporting events occurring on January 2, 2002. The filing details a significant change in corporate control, a capital raise, and a relocation of corporate headquarters.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or cash flow data. Specific financial details disclosed include:
- Cash Raised: $200,000 received from the issuance of 6,666,667 shares of common stock.
- Use of Proceeds: Funds are designated to pay outstanding liabilities and accrued expenses.
- Debt and Liquidity: The filing indicates the existence of outstanding liabilities and accrued expenses but does not quantify total debt or liquidity positions.
Material Changes
The following material changes occurred on January 2, 2002:
- Change in Control: International Venture Capital & Advisory, Inc. acquired 53.37% of the company's issued and outstanding shares, becoming the majority owner.
- Board Composition: Former directors Paul J. Wendorff and Wesley W. Winnekins resigned. They were replaced by Natalie Boss and Gregory Boss.
- Corporate Relocation: Principal executive offices moved from Eden Prairie, Minnesota, to Holladay, Utah.
Outlook, Risks, and Management Commentary
Management commentary is limited to the immediate use of proceeds to settle liabilities. The filing does not provide forward-looking guidance, revenue projections, or a detailed discussion of risks and contingencies beyond the immediate financial restructuring implied by the capital raise.
Investor Verification Checklist
- Verify the exact amount of "outstanding liabilities and accrued expenses" to be paid with the $200,000 proceeds.
- Confirm the total number of issued and outstanding shares to validate the 53.37% ownership stake calculation.
- Review the company's current operational status and revenue generation capabilities post-relocation.
- Check for any pending litigation or regulatory issues associated with the change in control.