- Current report filing (8-K)
July 22 2009 - 4:34PM
Edgar (US Regulatory)
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): July 21, 2009
BEYOND
COMMERCE, INC.
(Exact
name of registrant as specified in its charter)
Nevada
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000-52490
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98-0512515
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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9029
South Pecos
Suite
2800
Henderson,
Nevada 89074
(Address
of principal executive offices, including zip code)
(702)
463-7000
(Registrant’s
telephone number, including area code)
Copies
to:
Gregory
Sichenzia, Esq.
Darrin M.
Ocasio, Esq.
Sichenzia
Ross Friedman Ference LLP
61
Broadway, 32
nd
Floor
New York,
New York 10006
Phone:
(212) 930-9700
Fax:
(212) 930-9725
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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant
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Sale of
Debenture
On July
21, 2009, pursuant to the Amended and Restated Securities Purchase Agreement
dated July 10, 2009 between Beyond Commerce, Inc. (the “Company”) and
OmniReliant Holdings, Inc. (the “Investor”), the Company issued to the Investor
a secured original issue discount convertible debenture (the “Debenture”) and a
warrant to purchase 7,500,042 shares of the Company’s common stock for an
aggregate purchase price of one million five hundred thousand dollars
($1,500,000). The Debenture has a face value of $1,750,010 and will
become due and payable on July 21, 2010. The Debenture may be
converted at any time at the option of the Investor and has a conversion price
of $0.70 per share. The conversion price is subject to reset to $0.35
if the Company does not repay the Debenture within six months of the date of
issuance or upon an “Event of Default”, as that term is defined in the
Debenture. The Warrant may be exercised at any time for a period of five years
from the date of issuance and has an exercise price of $0.70. The
Warrant may be exercised on a cashless basis if there is no effective
registration statement registering the shares underlying the
Warrant.
As of
July 21, 2009, the Company has sold Investor an aggregate of $3,500,000 of
Debentures and has received gross proceeds of $3,000,000.
In
connection with the sale of the Debenture, Midtown Partners & Co, LLC
received a warrant to purchase 600,003 shares of the Company’s Common Stock (the
“Midtown Warrant”) pursuant to the terms of its placement agent agreement with
the Company. The Midtown Warrant may be exercised at any time for a
period of five years from the date of issuance and has an exercise price of
$0.70. The Warrant may be exercised on a cashless basis if there is
no effective registration statement registering the shares underlying the
Warrant.
In
connection with the sale of the Debenture and issuance of the Midtown Warrant,
the Company relied upon the exemption from securities registration afforded by
Rule 506 of Regulation D as promulgated by the SEC under the Securities Act of
1933, as amended (the “Securities Act”) and/or Section 4(2) of the Securities
Act. No advertising or general solicitation was employed in offering the
securities.
Item
3.02
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Unregistered
Sales of Equity Securities
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See Item
2.03 above.
Item
9.01
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Financial
Statements and Exhibits
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(a)
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Financial
statements.
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Not
applicable.
(b)
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Pro
forma financial information.
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Not
applicable.
Exhibit
Number
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Description
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10.1
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Amended
and Restated Securities Purchase Agreement dated July 10, 2009 by and
between the Company and OmniReliant Holdings, Inc. (Incorporated by
reference to the Current Report on Form 8-K filed with the SEC on July 16,
2009)
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10.2
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Form
of Debenture
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10.3
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Form
of Warrant
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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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Beyond
Commerce, Inc.
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By:
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/s/
Mark
Noffke
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Mark
Noffke
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Chief
Financial Officer
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Date:
July 22, 2009
Exhibit
Index
Exhibit
Number
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Description
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10.1
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Amended
and Restated Securities Purchase Agreement dated July 10, 2009 by and
between the Company and OmniReliant Holdings, Inc. (Incorporated by
reference to the Current Report on Form 8-K filed with the SEC on July 16,
2009)
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10.2
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Form
of Debenture
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10.3
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Form
of Warrant
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