Company: EBZT
Filing Date: 2025-01-27
Form Type: 10-Q
Source: 0001477932-25-000477
Chunk: 11

Company: Everything Blockchain, Inc.
Filing Date: 2025-01-27
Form: 10-Q
Item: Part I, Item 8
Chunk 11
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Note 15. Subsequent Events On November 22, 2024, the Company entered into an Asset Purchase Agreement (“APA”) with DataRock Technologies, Inc., (“DataRock”), a Texas company.  The Company owed DataRock $1,302,956 against a senior secured note that the Company was in Default.  The Company entered into the APA in reaching a settlement with DataRock.  Under terms of the agreement the Company sold its assets of BuildDB and EBControl, along with all intellectual property associated with these products, in exchange for $3,300,000.  As payment for the $3,300,000, DataRock canceled the note payable ($898,802), assumption of our prepaid income liability ($250,000), assumption of payroll liabilities ($654,935), assumption of vendor debt ($1,148,802), and the future payment of royalties of 2.5% (capped at $193,307). Management believed this was in the best interest of the Company and its shareholders.   On January 3, 2025, the Company entered into an agreement with Epic Industry Corp, who acquired the note the Company entered into with 1800 Diagonal on July 25, 2024, that was in default, removing the default and extending any payment requirements to April 1, 2025, reducing the amount owed from $204,119.01 to $132,000. ($120,000 principal and $12,000 prepaid interest).

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition, results of operations and cash flows in conjunction with our consolidated financial statements and the related notes presented in this report and in our Annual Report.

FORWARD-LOOKING STATEMENTS 

Certain statements in this section contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this report and not clearly historical in nature are forward-looking, and the words “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “intends,” “potential,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) generally are intended to identify forward-looking statements. Any statements in this report that are not historical facts are