Current Report Filing (8-k)
January 13 2017 - 3:35PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 11, 2017
Life
Clips, Inc.
(Exact
name of registrant as specified in its charter)
Wyoming
(State
or other jurisdiction of incorporation)
333-198828
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46-2378100
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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233
S. Sharon Amity Road, Suite 201, Charlotte, NC 28211
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(Address
of principal executive offices) (Zip
Code)
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(800)
292-8991
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Forward-Looking
Statements
This
Current Report on Form 8-K and other written and oral statements made from time to time by us may contain so-called “forward-looking
statements,” all of which are subject to risks and uncertainties. Forward-looking statements can be identified by the use
of words such as “expects,” “plans,” “will,” “forecasts,” “projects,”
“intends,” “estimates,” and other words of similar meaning. One can identify them by the fact that they
do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results
and product and development programs. One must carefully consider any such statement and should understand that many factors could
cause actual results to differ from our forward looking statements. These factors may include inaccurate assumptions and a broad
variety of other risks and uncertainties, including some that are known and some that are not. No forward looking statement can
be guaranteed and actual future results may vary materially.
Information
regarding market and industry statistics contained in this Current Report on Form 8-K is included based on information available
to us that we believe is accurate. It is generally based on industry and other publications that are not produced for purposes
of securities offerings or economic analysis. We have not reviewed or included data from all sources, and cannot assure investors
of the accuracy or completeness of the data included in this Current Report. Forecasts and other forward-looking information obtained
from these sources are subject to the same qualifications and the additional uncertainties accompanying any estimates of future
market size, revenue and market acceptance of products and services. We do not assume any obligation to update any forward-looking
statement. As a result, investors should not place undue reliance on these forward-looking statements.
Item
8.01 Other Events.
On
January 11, 2017, the Company received a default notice related to the Company’s Batterfly acquisition. On July 11, 2016,
the Company entered into a Stock Purchase Agreement (the “Agreement”) with the sellers of Batterfly Energy, Ltd. Pursuant
to the Agreement, and the related Promissory Note (the “Note”), the Company was to make an initial payment of $500,000
to the Batterfly sellers, with $250,000 being due on October 6, 2016 and $250,000 being due on February 13, 2017. The default
letter states that the Company failed to pay the initial $250,000 payment on October 6, 2016, which began to accrue interest of
11% from October 6, 2016. In addition, the default notice states that the Company owes $20,000 in aggregate to two of the Batterfly
shareholders related to consulting fees associated with the Batterfly acquisition. Finally, the default notice states that a payment
of $250,000, as well as an additional payment of $20,000 must be paid by January 23, 2017. The Company is currently deciding how
to proceed and respond to the default notice.
Item
9.01 Financial Statements and Exhibits.
Exhibits.
None.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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LIFE
CLIPS, INC.
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Date:
January 13, 2017
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By:
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/s/
Robert Finigan
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Robert
Finigan, President
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