UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) June 10, 2014
INNOVATIVE PRODUCT OPPORTUNITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-167667 42-1770123
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
8400 Edinger Avenue Suite 202R Huntington Beach, California 92647
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (347) 789-7131
Not Applicable.
(Former name or former address, if changed since last report.)
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 Material Definitive Agreement
Between March 2009 and June 5, 2014, advances were made by Doug Clark, as well
as accrued pay between April 18, 2011 and June 13, 2014 for which Innovative
Product Opportunities Inc. (the "Company", "we", "us") were indebted. On
June 10, 2014, we entered into a Side Letter Agreement ("Side Letter
Agreement") with Doug Clark pursuant to which we agreed to amend the
Indebtedness to reflect an aggregate amount of the debts, including capitalized
interest, to (US)$272,038.00 through December 31, 2014 and changed the
conversion rate of the Notes to $0.0002.
On February 22, 2013, June 6, 2013, December 16, 2013, January 17, 2013,
January 20, 2014, January 31, 2014, February 20, 2014, March 25, 2014,
March 28, 2014, April 14, 2014, May 27, 2014 and June 5, 2014 Innovative
Product Opportunities Inc. (the "Company", "we", "us)issued Convertible
Secured Promissory Notes (the "Notes") to The Cellular Connection, Ltd.
("Cellular Connection"). The aggregate amount of the Notes was (US)$41,687
with no interest payable and varying maturity dates. The Notes are convertible
by us into shares of our common stock at any time prior to the maturity
dates, and any outstanding portion at the maturity dates automatically
converted into shares of our common stock. On June 10, 2014, we entered
into a Side Letter Agreement ("Side Letter Agreement") with Cellular
Connection pursuant to which we agreed to amend the Notes to reflect an
aggregate amount of the Notes, including capitalized interest, to
(US)$54,193 through December 31, 2014 and changed the conversion rate of
the Notes to $0.0002.
Between August 21, 2012 through August 21, 2013 as well as on,
November 24, 2013, April 19, 2014 and May 17, 2014 Invoices were issued
for which Innovative Product Opportunities Inc. (the "Company", "we", "us")
were indebted. On June 10, 2014, we entered into a Side Letter Agreement
("Side Letter Agreement") with Dorset Solutions pursuant to which we agreed
to amend the Indebtedness to reflect an aggregate amount of the debts,
including capitalized interest, to (US)$22,295 through December 31, 2014
and changed the conversion rate of the Notes to $0.0002.
The foregoing description of the Notes, and Side Letter Agreement is
qualified in its entirety by reference to the full text of the agreements
which are filed as Exhibit 10.1, 10.2 and 10.3 to this Current Report on
Form 8-K and incorporated herein by reference.
This report contains forward-looking statements that involve risks and
uncertainties. You should not place undue reliance on these forward-looking
statements. Our actual results could differ materially from those anticipated
in the forward-looking statements for many reasons, including the risks
described in our Form 10-K and other reports we file with the Securities and
Exchange Commission. Although we believe the expectations reflected in the
forward-looking statements are reasonable, they relate only to events as of
the date on which the statements are made. We do not intend to update any of
the forward-looking statements after the date of this document to conform
these statements to actual results or to changes in our expectations, except
as required by law. We undertake no obligation to release publicly the
results of any revisions to any such forward-looking statements that may
be made to reflect events or circumstances after the date of this report
or to reflect the occurrence of unanticipated events, except as required
by applicable law or regulation.
Item 9.01 Financial Statements and Exhibits.
Exhibit
Number Description
10.1 Side Letter Agreement amending the Secured Promissory Notes between
the company and Doug Clark dated June 10, 2014 (filed herewith).
10.2 Side Letter Agreement amending the Secured Promissory Notes between
the company and The Cellular Connection, Ltd. dated June 10, 2014
(filed herewith).
10.3 Side Letter Agreement amending the Secured Promissory Notes between
the company and Dorset Solutions dated June 10, 2014 (filed herewith).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Innovative Product Opportunities, Inc.
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(Registrant)
Date: June 13, 2014
/s/Doug Clark
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(Signature)
Name: Doug Clark
Title: Chief Executive Officer