
BROADCAST LIVE DIGITAL CORP. (1502952) 10-Q published on Jan 21, 2014 at 12:45 pm
The condensed financial statements should be read in conjunction with the financial statements and Notes thereto together with managements discussion and analysis of financial condition and results of operations contained in the Companys annual report on Form 10-K for the year ended August 31, 2013. In the opinion of management, the accompanying condensed financial statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company at November 30, 2013 and August 31, 2013, the results of its operations for the three month periods ended November 30, 2013 and November 30, 2012, and its cash flows for the three-month periods ended November 30, 2013 and November 30, 2012. In addition, some of the Companys statements in this quarterly report on Form 10-Q may be considered forward-looking and involve risks and uncertainties that could significantly impact expected results. The results of operations for the three-month period ended November 30, 2013 are not necessarily indicative of results to be expected for the full year.
On December 19, 2013, the Company and Tech 9 Inc. an Ontario, Canada Corporation (TECH) entered into a Share Exchange Agreement (the Purchase Agreement), pursuant to which the Company acquired 100% of the outstanding shares of TECH (the Acquisition).
Pursuant to the Purchase Agreement, the Company acquired 100% of the outstanding stock of TECH by issuing 1,000,000 of Series A Preferred shares to the shareholders of TECH that exchanged their shares for the common shares. Additionally, as a condition to the Purchase Agreement, the principal shareholders of the Company transferred 298,752,720 shares of the stock to the shareholders that exchanged their shares for our common shares.
This transaction may be deemed to have resulted in a change of control of the Company. Upon the closing of the Acquisition, Peter DiMurro resigned as the Chief Executive Officer, President, Chief Financial Officer, Secretary and Director; Kamal Sharma resigned as the Treasurer and Director. Robert J. Oswald was appointed to the Board of Directors and was appointed as the Chief Executive Officer, President, and Director. Matthew J. OBrien was appointed as Chief Technology Officer, Director and Secretary. Louis Isabella was appointed as our Chief Financial Officer.
The appointment of the new officer and directors of the Registrant and the resignation of Messers. DiMurro and Sharma as officers and directors of the Registrant were effective on the Closing Date.