UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) off The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 11, 2020

 

Commission File Number: 000-56142

 

 

OBITX, INC.

(Exact name of registrant as specified in charter)

 

 DELAWARE

 

82-1091922

 

(State or other jurisdiction of incorporation)

 

(IRS Employer Identification No.)

 

 

3027 US HIGHWAY 17, FLEMING ISLAND, FL

32003

  (Address of principal executive offices)   

    (Zip Code)

 

 

Registrant’s telephone number

321-802-2474

 

 

 

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))

 

 

1


 

As used in this report, the terms “Company,” “our company,” “us,” “OBITX,”, “we” and “our” refer to OBITX, Inc. unless the context requires otherwise

  

Item 2.01 Completion of Acquisition or Disposition of Assets.

  

On May 11, 2020 OBITX entered into an Asset Purchase Agreement where by it sold its 420Cloud Integrated Social Media Platform to First Bitcoin Capital Corp for $1,900,000. OBITX is to receive payment in the transfer of $500,000 in BIT tokens and a $1,400,000 convertible promissory note due in 24 months.

 

The Company believes this to be in line with its long term strategic goals moving from a social media advertising company to a blockchain development and consulting company.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit

 

Description

 

 

 

10.1

 

Asset Purchase Agreement, dated May 10, 2020, by and between FIRST BITCOIN CAPITAL CORP and OBITX, INC.

10.2

 

Convertible Promissory Note.

10.3

 

Bill of Sale, Assignment and Assumption Agreement.

 

 

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.

  

  

OBITX, INC.

Date: May 14, 2020

By: /s/ Michael Hawkins        

Michael Hawkins,

Chief Executive Officer

 

2

  

ObitX (PK) (USOTC:OBTX)
Historical Stock Chart
From Apr 2020 to May 2020 Click Here for more ObitX (PK) Charts.
ObitX (PK) (USOTC:OBTX)
Historical Stock Chart
From May 2019 to May 2020 Click Here for more ObitX (PK) Charts.