Company: EBZT
Filing Date: 2025-01-06
Form Type: 8-K
Source: 0001477932-25-000067
Chunk: 0

Company: Everything Blockchain, Inc.
Filing Date: 2025-01-06
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01. Entry into a Material Definitive Agreement

On November 22, 2024, Everything Blockchain Inc (the “ Company”) entered into an agreement with DataRock Technologies, Inc., (“ DataRock”), a Texas Corporation. The principle of DataRock is Craig T. Stevens, a former member of the Company’s Board of Directors. In addition, Mr. Stevens was the holder of a senior secured promissory note with the Company, where the Company had defaulted in owing $1,302,956. Under the agreement, DataRock acquired certain company assets for $3,300,000. Payment of $3,300,000 included 1) the outstanding balance of the senior secured promissory note, 2) the assumption of $1,148,802 of the Company’s vendor debt, 3) prepaid royalties of $250,000, 4) the assumption of $654,935 in accrued payroll, benefits, and bonuses, and 5) $193,306.93 to be paid via a 2.5% royalty fee from sales generated from the assets sold.

The Company transferred to DataRock its EBControl and BuildDB software solutions under the agreement.

Item 2.06. Material Impairments