Current Report Filing (8-k)
July 03 2018 - 4:13PM
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):
June 25, 2018
2050
MOTORS, INC.
(Exact
Name of Registrant as Specified in its Charter)
California
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0-192227
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95-4040591
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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3420
Bunkerhill Drive, North Las Vegas, NV
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89074
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, Including Area Code:
(702) 591-6029
(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:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
In
this Current Report on Form 8-K, “Company,” “our company,” “us,” “2050,” and “our”
refer to 2050 Motors, Inc., unless the context requires otherwise.
FORWARD-LOOKING
STATEMENTS
Our
disclosure and analysis in this Current Report on Form 8-K contains some forward-looking statements. Certain of the matters discussed
concerning our operations, cash flows, financial position, economic performance and financial condition, and the effect of economic
conditions include forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events
or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates” and similar expressions are forward-looking statements. Although we believe that
these statements are based upon reasonable assumptions, including projections of orders, sales, operating margins, earnings, cash
flow, research and development costs, working capital, capital expenditures and other projections, they are subject to several
risks and uncertainties.
Investors
are cautioned that our forward-looking statements are not guarantees of future performance and the actual results or developments
may differ materially from the expectations expressed in the forward-looking statements.
As
for the forward-looking statements that relate to future financial results and other projections, actual results will be different
due to the inherent uncertainty of estimates, forecasts and projections may be better or worse than projected. Given these uncertainties,
you should not place any reliance on these forward-looking statements. These forward-looking statements also represent our estimates
and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking
statements, and the estimates and assumptions associated with them, after the date of this filing to reflect events or changes
in circumstances or changes in expectations or the occurrence of anticipated events. You are advised, however, to consult any
additional disclosures we make in our reports on Form 10-K, Form 10-Q, Form 8-K, or their successors.
Item
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
Events
of default under a Convertible Promissory Note in the principal amount of $78,000 (the “Note”) payable to Actus Fund,
LLC (“AFL”) have occurred and are continuing on account of the Company’s failure to make the required payments
of interest and principal when due and failure to file its quarterly reports required under the Securities and Exchange Act of
1934, as amended and other defaults alleged by AFL (collectively, the “Defaults”). AFL has notified the Company that
as a result of the Defaults they are demanding payment of $404,376.70 on or before June 29, 2018. The notice from AFL threatens
that legal action will be instituted against the Company and others, if such payment is not made by June 29, 2018.
The
Company does not have the funds required to meet the payment demanded by AFL at this time and is trying to negotiate a reasonable
settlement and an extension to pay. There is no assurance that any reasonable settlement can be effected with AFL. Any lawsuit
at this time will have a material adverse affect on the Company and could result in the collapse of its business.
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.
July
2, 2018
2050
Motors, Inc.
By:
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/s/
George
Hedrick
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George
Hedrick, CEO/Secretary
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