UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest reported): October 13, 2014
INVESTVIEW INC.
(Exact name of registrant as specified in charter)
| Nevada | 000-27019 | 87-0369205 |
|
(State or Other Jurisdiction of
Incorporation or Organization) |
(Commission File Number) | (IRS Employer Identification No.) |
54 Broad Street, Suite 303
Red Bank, New Jersey 07701
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including area code: (732) 380-7271
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 (see General Instruction A.2. below):
¨ 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))
Item 1.01 Entry into a Material Definitive Agreement
On August 12, 2013, Evenflow Funding, LLC ("Evenflow") commenced a civil action (the “NJ Action”) against Investview, Inc. (the "Company") in the Superior Court of New Jersey, Law Division, Monmouth County (the "Court") bearing Docket No. Mon-L-3105-13.
On October 13, 2014, Evenflow filed a Stipulation of Settlement (the "Settlement") with the Court, in connection with the NJ Action. Pursuant to the Settlement, the Company agreed to pay to Evenflow $425,000 (the "Settlement Amount") in quarterly payments (the "Quarterly Payments") equal to 10% of the net revenue (revenue less allowances, returns and payments to revenue sharing agreements) of the Company as reported in the Company's periodic reports filed on Form 10-Q or Form 10-K (collectively, the "Periodic Reports") commencing with the Company's September 30, 2014 Periodic Report. The Quarterly Payments are due and payable by the Company on the tenth day following the filing of each Periodic Report. In addition to the Quarterly Payments, the Company agreed to make an initial payment in the amount of $25,000 upon the filing of the Settlement with the Court, as well as a payment in the amount of $25,000 due on the 12 month anniversary of the Initial Payment.
In the event of default, Evenflow, upon filing an Ex Parte Affidavit of Default with the Court, will be entitled to the entry of a judgment against the Company in the amount of the Settlement Amount less any Quarterly Payments made by the Company prior to such default.
Item 9.01 Financial Statements and Exhibits
(a) Financial Statement of Business Acquired Not Applicable
(b) Pro Forma Financial Information (to be filed by amendment)
(c) Exhibits
|
Exhibit
No. |
Description of Exhibit | |
| 10.1 | Stipulation of Settlement entered with Evenflow Funding, LLC |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INVESTVIEW, INC. | ||
| By: /s/ Dr. Joseph Louro | ||
| Name: Dr. Joseph Louro | ||
| Title: Chief Executive Officer | ||
| Date: | October 16, 2014 | |
| Red Bank, New Jersey |
Exhibit 10.1
|
EVENFLOW FUNDING, LLC,
Plaintiff,
-vs-
INVESTVIEW, INC. (f/k/a Global Investors Services, Inc.), a Corporation of the State of Nevada, WILLIAM C. KOSOFF, and NICHOLAS S. MATURO,
Defendants.
|
SUPERIOR COURT OF NEW JERSEY LAW DIVISION MONMOUTH COUNTY DOCKET NO. MON-L-3105-13
CIVIL ACTION
STIPULATION OF SETTLEMENT
|
This matter having come before the Court upon the application of both the plaintiff and the defendants; and the parties having agreed and resolved their differences; it is hereby STIPULATED and AGREED between them as follows:
1. The defendants shall pay to the plaintiff the total sum of $425,000.00 as follows:
(a) All payments shall be made by the defendant, Investview, Inc.
(b) All payments shall be made by the issuance of checks made payable to the "Cohn Lifland Trust Account, as attorney for Evenflow Funding, LLC", and mailed to the plaintiff’s attorneys at:
Joseph B. Brown, Esq.
Cohn Lifland Pearlman Herrmann & Knopf LLP
Park 80 West - Plaza One
250 Pehle Avenue, Suite 401
Saddle Brook, NJ 07663
(c) The amount of each payment shall be equal to ten (10%) percent of the Net Revenues (Revenues less allowances, returns and payments to revenue sharing agreements, if any) of defendant, Investview, Inc., which it has reported each quarter to the Securities and Exchange Commission, commencing with the quarter ending September 30, 2014.
(d) Payments shall be made quarterly, and shall be due and payable on the tenth (10 th ) day following Investview, Inc.'s filing of their SEC Form 10-K or Form 10-Q with the United States Securities and Exchange Commission. By way of example, Investview's FORM 10-Q for the fiscal quarter ended December 31, 2013 was filed with the United States Securities and Exchange Commission on February 14, 20014. Pursuant to the terms above, Investview's payment for such quarter would be required to be made by February 24, 2014.
(e) In addition to the above, an initial payment of $25,000.00 shall be made immediately upon the execution of this Stipulation of Settlement by Investview, Inc..
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(f) An additional payment of $25,000.00 shall be made twelve (12) months after the date of the initial payment referred to in (e), supra .
(g) The two (2) payments referred to in (e) and (f), supra , shall be in addition to the quarterly payments set forth in (c) and (d) above.
2. In the event of a default, as defined herein, then the plaintiff, upon the filing of an Ex Parte Affidavit of Default, shall be entitled to the entry of a Judgment against the defendants, jointly and severally, in the total sum of $425,000.00 (less a credit for any payments made pursuant to this Stipulation of Settlement to the date of default).
3. A default, as defined herein, shall mean one or more of the following events:
(a) Failure to pay any installment when due after written notice is properly given pursuant to Paragraph 4 below.
(b) The making of an Assignment by any of the defendants for the Benefit of Creditors; the filing of a Petition by or against any of defendants for relief under any provisions of the Federal Bankruptcy Code or any state insolvency statutes; or the appointment of a Trustee or Receiver for any property of any of the defendants.
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4. If any scheduled payment herein is not delivered when due, Plaintiff shall deliver a Notice of Breach to Investview, Inc. and Defendants' Counsel. Defendants shall then have an opportunity to cure the breach, by delivering the missing payment to Plaintiff's Counsel within five (5) business days of receipt of the Notice of Breach. If any such breach is not timely cured, the total amount of the settlement sum then outstanding shall be accelerated ("Accelerated Sum") and shall be delivered on or before ten (10) business days after receipt of the Notice of Breach ("Cure Period"). In the event of Defendants' failure to timely deliver the Accelerated Sum within the Cure Period, Plaintiff may file the Affidavit of Default without further notice as set forth in Paragraph 2 hereof.
5. Notices . Any notice or other communication given under or relating to this Agreement shall be in writing and shall be sent by: (a) hand delivery; (b) reputable overnight delivery service for next business day delivery or; (c) registered or certified United States mail (return receipt requested), in each case with delivery charges prepaid, to the Parties at the following respective addresses (or at such other address for a Party as shall be specified by him, her or it by like notice):
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If to the Plaintiff:
Joseph B. Brown, Esq.
Cohn, Lifland, Pearlman, Herrmann & Knopf LLP
Park 80 West – Plaza One
250 Pehle Avenue, Suite 401
Saddle Brook, New Jersey 07663
Attention Jay Brown, Esq.
(201) 845–9600
If to the Defendants:
Investview, Inc.
54 Broad Street
Suite 303
Red Bank, New Jersey 07701
(732) 380–7271
With a Copy to:
Ledwith & Atkinson
14 St. James Place
Lynbrook, New York 11563
Fax: (516) 593–1816
Email: Thomas D. Atkinson:
tatkinson@ledwithatkinson.com
Attn.: Thomas D. Atkinson, Esq.
Notices and communications shall be effective: (a) when delivered if sent by hand delivery; (b) on the first business day following the day timely deposited for overnight delivery with Federal Express (or other equivalent national overnight courier service) ; or (c) on the fifth (5 th ) business day following the day duly sent by certified or registered United States mail, return receipt requested.
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5. Upon full compliance with the terms set forth hereinabove, the parties shall file a Stipulation of Dismissal with Prejudice.
| COHN LIFLAND PEARLMAN | |
| HERRMANN & KNOPF LLP | |
| Attorneys for Plaintiff, | |
| Evenflow Funding, LLC |
| DATED: October 13, 2014 | BY: | /s/ JOSEPH B. BROWN | |
| JOSEPH B. BROWN | |||
| The Sattiraju Law Firm, PC | |
| Attorneys for Defendants, | |
| Investview, Inc., William C. | |
| Kosoff, and Nicholas S. Maturo |
| DATED: September __, 2014 | BY: | /s/ THOMAS D. ATKINSON | |
| THOMAS D. ATKINSON | |||
| Investview, Inc. | |
| 54 Broad Street | |
| Suite 303 | |
| Red Bank, New Jersey 07701 |
| DATED: September __, 2014 | BY: | /s/ Joseph J. Louro | |
| Dr. Joseph J. Louro | |||
| C.E.O Investview, Inc. |
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