SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported)____April 5, 2002____ | ||
_________________Brandmakers, Inc._________________ | ||
(Exact Name of Regristrant as Specified in Its Charter) | ||
_______________________Utah________________________ | ||
(State or Other Jurisdiction of Incorporation) | ||
_____0-28184____ | _______37-1099747_______ | |
(Commission File Number) | (IRS Employer Identification Number) | |
_140 Satellite Bl. Suite C Suwanee, GA_ | __30024__ | |
(Address of Principal Executive Offices) | (Zip Code) | |
________________770 - 338 - 1958________________ | ||
(Registrant's Telephone Number, Including Area Code) | ||
__________________________________________________ | ||
(Former Name of Former Address, if Changed Since Last Report) | ||
Brandmakers, Inc. sold their ZOOM Communications division effective April 5, 2002 under an Asset Purchase Agreement with NTN Communications, Inc. (AMEX: NTN). Assets and Liabilities were transferred per Exhibit A which was the book value as of March 15, 2002. In addition, Brandmakers, Inc. received $20,000 of restricted common shares of NTN Communications, Inc. Brandmakers, Inc. was relieved from the responsibility of current losses as well as the liabilities. Russ Ford, President and Sal Veni, Chief Operating Officer, resigned their positions with Brandmakers to manage the division for NTN.
Brandmakers restructured the outstanding debt of $518,400 with Multi-Page Communications, reducing the note to $100,000 with $5,000 down and $95,000 amortized over five years at 9% interest with a balloon payment at the end of one year. However, the full amount less payments will remain on the balance sheet until the final payment is made. All payments must be made on a timely basis with a thirty day grace period.
Book Value
As of March 15, 2002
ZOOM Communications Division
Assets:
Accounts Receivable | ||
Factored | $ | 90,047.36 |
90 days from invoice date | 21.311.17 | |
Other | 18,363.83 | |
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129,722.36 | ||
Prepaid inventory | 2,995.00 | |
Inventory | 45,052.04 | |
Demo Systems | 11,898.50 | |
Advanced Replacement Systems | 11,272.50 | |
Fixed Assets, Net | 92,966.17 | |
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Total Assets | $ | 293,906.57 |
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Liabilities | ||
Accounts Payable | $ | 234,284.20 |
Line of Credit | 72,265.22 | |
Deferred Revenue: | ||
Credit Balances in A/R | 7,213.35 | |
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Total Liabilities | 313,762.77 | |
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Net Book Value | (19,856.20) | |
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