Real Estate Contacts Inc. Just Filed Its Annual Report: The Company has eva...

The Company has evaluated all events that occur after the balance sheet date through the date when the financial statements were issued to determine if they must be reported.

 

On March 30, 2019, the Company was released from its obligation to pay the remaining balance of a convertible note payable and accrued interest in t he amount of $143,028 resulting in a gain on the extinguishment of debt for the same value.

 

On March 29, 2019, the Company was released from its obligation to pay the remaining balance of a convertible note payable and accrued interest in the amount of $103,769, resulting in a gain on the extinguishment of debt for the same value.

 

On March 6, 2019, the Company issued 15,000,000 shares of common stock to its President and Chief Executive Officer pursuant to the terms of his employment agreement. The shares were issued for purposes of maintaining voting control of the Company and were valued at $0.50, the quoted market price on the date of issuance, or $7,500,000.

 

On March 4, 2019, the Company renewed its three-year employment agreement with Robert DeAngelis to serve as the President and Chief Executive Officer of the Company. Mr. DeAngelis will be paid a minimum of $10,000 per month plus performance bonuses. The agreement also contains an anti-dilution clause for purposes of maintaining voting control of the Company.

 

On January 21, 2019, the holder of a majority of our outstanding voting stock approved by written consent to amend our Articles of Incorporation to: (i) effect a 1-for 10,000 Reverse Stock Split of our issued and outstanding shares of Common Stock; and (ii) decrease the authorized shares of our Common Stock from a 9.99 billion (9,990,000,000) before the Reverse Stock Split to 200 million (200,000,000). On February 1, 2019, the Financial Industry Regulatory Authority (“FINRA”) notified the Company that FINRA had received the necessary documentation to process the Reverse Stock Split pursuant to FINRA Rule 6490 and that the Reverse Stock Split would take effect at the opening of trading on March 1, 2019. The Company’s shares will continue to trade on The OTC Markets marketplace under the symbol “REAC” with the letter “D” added to the end of the trading symbol for a period of 20 trading days to indicate that the Reverse Stock Split has occurred.

 

On January 15, 2019, the Company issued 2,400 shares of common stock, for a value of $1,920 in satisfaction of $1,420 in principal and $500 of conversion fees on a convertible note payable. The Company recorded the issuances at the contract value, at the date of exchange, off-setting the principal.

 

On January 4, 2019, the Company issued 2,500 shares of common stock, for a value of $2,000 in satisfaction of $1,500 in interest and $500 of conversion fees on a convertible note payable. The Company recorded the issuances at the contract value, at the date of exchange, off-setting the accrued interest.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Current report, items 1.01 and 9.01 - Jan. 17, 2020
On January - Jan. 15, 2020
Real Estate Contacts: Definitive Agreement And Plan Of Merger And Reorganization - Dec. 27, 2019

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