Attached files
| file | filename |
|---|---|
| EX-10.1 - Net Element, Inc. | v180068_ex10-1.htm |
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):
|
March
31, 2010
|
TOT
Energy, Inc.
__________________________________________
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-51108
|
20-01715816
|
|
_____________________
(State
or other jurisdiction
|
_____________
(Commission
|
______________
(I.R.S.
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
|
||
|
12100
NE 16th
Ave.
N.
Miami, FL 33161
|
33161
|
|
|
_________________________________
(Address
of principal executive offices)
|
___________
(Zip
Code)
|
|
Registrant’s
telephone number, including area code:
|
(305)
891-2288
|
______________________________________________
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.01 Completion of Disposition of Assets.
On March
31, 2010, TOT Energy, Inc. (the “Company”) and Sibburnefteservis, Ltd.,
completed the unwind of the TOT-SIBBNS, Ltd. joint venture. The
Company exchanged its 75% interest in TOT-SIBBNS for the 3,000,000
shares given to Evgeny Borograd in 2008 upon the establishment of the joint
venture. The Company will have no further interest in the drilling equipment and
other assets and liabilities of TOT-SIBBNS as a consequence of the unwind of the
joint venture. The Company intends to focus on developing or acquiring an
alternative energy solar business concentrating on commercial solar
installations.
Assets
and liabilities disposed of comprised the following at December 31,
2009:
|
Cash
|
$
|
17,179
|
||
|
Contract
receivable, net
|
67,824
|
|||
|
Cost
in excess of related billings on uncompleted contract
|
165,048
|
|||
|
Inventory
of raw materials
|
42,876
|
|||
|
Prepaid
expenses and other assets
|
5
|
|||
|
Building
|
181,209
|
|||
|
Macininery
and equipment
|
3,432,188
|
|||
|
Accumulated
depreciation
|
(893,476
|
)
|
||
|
Total
Assets
|
$
|
3,012,853
|
||
|
Accounts
payable
|
$
|
180,042
|
||
|
Accrued
expenses
|
888,236
|
|||
|
Total
liabilities
|
$
|
1,068,278
|
Item
9.01 Exhibits
|
Exhibit
Number
|
Description
|
|
|
| 10.1 | Joint Venture Dissolution Agreement dated March 31, 2010 between TOT Energy, Inc. and Sibburnefteservis, Ltd. | ||
SIGNATURES
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.
|
TOT
Energy, Inc.
|
|||
|
April
5, 2010
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By:
|
/s/
Jonathan New
|
|
|
Name:
Jonathan New
|
|||
|
Title:
Chief Financial Officer
|
|||
Exhibit
Index
|
Exhibit
Number
|
Description
|
|
|
| 10.1 | Joint Venture Dissolution Agreement dated March 31, 2010 between TOT Energy, Inc. and Sibburnefteservis, Ltd. | ||