UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549


 

FORM 8-K/A

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 28, 2011



Media Technologies, Inc.

(Exact Name of Registrant as Specified in Its Charter)



Nevada

(State or Other Jurisdiction of Incorporation)


Nevada

000-53214

26-1703958

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)


2360 Corporate Circle, Suite 425, Henderson, Nevada

89703

(Address of Principal Executive Offices)

(Zip Code)


(858) 436-3350

(Registrant’s Telephone Number, Including Area Code)




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:

 

      .  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))




Page 1 of 9



Explanatory Note


This amended Current Report on Form 8-K/A (“8-K/A”) is being filed to amend the Reports on Form 8-K filed on June 16, 2011 and August 1, 2011 (the “Original 8-Ks”) to provide the financial statements of the Business Acquired pursuant to Rule 8-04 of Regulation S-X.


Except for filing the financial statements of the Business Acquired, this 8-K/A does not amend or update any other information contained in the Original 8-Ks.


ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS


(a)

Financial Statements


As previously disclosed in the Current Report on Form 8-K filed on June 16, 2011,  on June 14, 2011, Media Technologies, Inc. (“Media Tech” or the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Our World Live, Inc., a Nevada corporation (“OWL”), OWL Acquisition Inc., a Nevada corporation and wholly-owned subsidiary of Media Tech (“Merger Sub”), and Michael Williams as the Major Shareholder of OWL (the “Major Shareholder”) whereby Media Tech will acquire OWL through the Merger of OWL with and into Merger Sub (the “Merger”) with Merger Sub being the surviving corporation, and the business of OWL continuing through Merger Sub, under the name Our World Live, Inc., as a wholly-owned subsidiary of the Company.  


The closing of the Merger occurred on July 28, 2011 (the “Effective Time”)


As a result of the Merger Agreement, each outstanding share of OWL common stock was be cancelled, extinguished and converted into and become the right to receive a pro rata portion of the Merger Consideration which shall be equal to the number of shares of COAH Common Stock held by each COAH Shareholder multiplied by the Exchange Ratio of 0.3333 (the “Exchange Ratio”), rounded, if necessary, up to the nearest whole share of restricted Common Stock of the Company.  Based on the Exchange Ratio, as a result of the Merger, the OWL Shareholders will own approximately 14,103,240 restricted shares of the Company.


A description of the specific terms and conditions of the Merger is set forth in the Merger Agreement filed as an Exhibit 2.01 to the Form 8-K filed by the Company on June 15, 2011 and is incorporated herein by reference.


The unaudited Pro form Condensed Combined financial statements included in this Current Report, take into account the acquisition of Our World Live, Inc., the Business Acquired, pursuant to Rule 8-04 of Regulation S-X.




Page 2 of 9




Media Technologies, Inc.

Unaudited Condensed Combined Pro Forma Financial Statements

December 31, 2010 and December 31, 2009



Table of Contents



 

Page

 

 

Unaudited Condensed Combined Pro Forma Balance Sheet as of December 31, 2010

4

 

 

Unaudited Condensed Combined Pro Forma Balance Sheet as of December 31, 2009

5

 

 

Unaudited Condensed Combined Pro Forma Statement of Operations for 2010

6

 

 

Unaudited Condensed Combined Pro Forma Statements of Operations for 2009

7




Page 3 of 9




Media Technologies, Inc. and Subsidiaries

Proforma Consolidated Balance Sheets as of December 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media Techno-logies,

Inc.

 

Our World Live, Inc.

 

Combined Totals

 

Proforma Adjustments

 

Ref

 

Adjusted Proforma Total

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

23,902

 

$

562,657

 

$

586,559

 

$

-

 

 

 

$

586,559

 

 

Total Current Assets

 

23,902

 

 

562,657

 

 

586,559

 

 

-

 

 

 

 

586,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FURNITURE AND FIXTURES, NET

 

20,709

 

 

-

 

 

20,709

 

 

-

 

 

 

 

20,709

GOODWILL

 

-

 

 

-

 

 

-

 

 

1,493,369

 

[3]

 

 

1,493,369

 

TOTAL ASSETS

$

44,611

 

$

562,657

 

$

607,268

 

$

1,493,369

 

 

 

$

2,100,637

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

36,061

 

$

504,061

 

$

540,122

 

$

-

 

 

 

$

540,122

 

Customer deposits

 

5,539

 

 

-

 

 

5,539

 

 

-

 

 

 

 

5,539

 

Related party payable

 

210,570

 

 

166,276

 

 

376,846

 

 

-

 

 

 

 

376,846

 

Notes payable - related payable

 

-

 

 

459,114

 

 

459,114

 

 

-

 

 

 

 

459,114

 

Notes payable  

 

-

 

 

171,575

 

 

171,575

 

 

-

 

 

 

 

171,575

 

Convertible notes payable

 

-

 

 

755,000

 

 

755,000

 

 

-

 

 

 

 

755,000

 

 

Total Current Liabilities

 

252,170

 

 

2,056,026

 

 

2,308,196

 

 

-

 

 

 

 

2,308,196

 

TOTAL LIABILITIES

 

252,170

 

 

2,056,026

 

 

2,308,196

 

 

-

 

 

 

 

2,308,196

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Common stock

 

33,480

 

 

4,219

 

 

37,699

 

 

(4,219)

 

[1]

 

 

33,480

 

Additional paid-in capital

 

67,340

 

 

5,183,552

 

 

5,250,892

 

 

(5,183,552)

 

[1][2][3]

 

 

67,340

 

Stock subscription payable

 

-

 

 

249,867

 

 

249,867

 

 

(249,867)

 

[2]

 

 

-

 

Accumulated deficit

 

(308,379)

 

 

(6,931,007)

 

 

(7,239,386)

 

 

6,931,007

 

[3]

 

 

(308,379)

 

 

Total Stockholders' Deficit

 

(207,559)

 

 

(1,493,369)

 

 

(1,700,928)

 

 

1,493,369

 

 

 

 

(207,559)

 

TOTAL LIABILITIES AND

STOCKHOLDERS' DEFICIT

$

44,611

 

$

562,657

 

$

607,268

 

$

1,493,369

 

 

 

$

2,100,637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[1]

Eliminate stock and additional paid in capital of the acquired company 4,219 and 5,183,552, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[2]

Eliminate stock subscription payable equity of $249,867.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[3]

Eliminate prior years retained deficit of $6,931,007 against acquired company equity of 5,437,638 and record difference of $1,493,369 as goodwill .






Page 4 of 9




Media Technologies, Inc. and Subsidiaries

Proforma Consolidated Balance Sheets as of December 31 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

Techno-

logies,

Inc.

 

Our World

Live, Inc.

 

Combined Totals

 

Proforma

Adjustments

 

Ref

 

Adjusted

Proforma

Total

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

-

 

$

58,943

 

$

58,943

 

$

-

 

 

 

$

58,943

 

Current assets of discontinued operations

 

5,839

 

 

-

 

 

5,839

 

 

-

 

 

 

 

5,839

 

 

Total Current Assets

 

5,839

 

 

58,943

 

 

64,782

 

 

-

 

 

 

 

64,782

FURNITURE AND FIXTURES, NET

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

ASSETS OF DISCONTINUED OPERATIONS

 

2,482

 

 

-

 

 

2,482

 

 

-

 

 

 

 

2,482

GOODWILL

 

-

 

 

-

 

 

-

 

 

1,383,094

 

[3]

 

 

1,383,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

8,321

 

$

58,943

 

$

67,264

 

$

1,383,094

 

 

 

$

1,450,358

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

-

 

$

520,037

 

$

520,037

 

$

-

 

 

 

$

520,037

 

Customer deposits

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Related party payable

 

-

 

 

42,000

 

 

42,000

 

 

-

 

 

 

 

42,000

 

Notes payable - related payable

 

-

 

 

805,000

 

 

805,000

 

 

-

 

 

 

 

805,000

 

Notes payable  

 

-

 

 

75,000

 

 

75,000

 

 

-

 

 

 

 

75,000

 

Convertible notes payable

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Current liabilities of discontinued operations

 

30,368

 

 

-

 

 

30,368

 

 

-

 

 

 

 

30,368

 

 

Total Current Liabilities

 

30,368

 

 

1,442,037

 

 

1,472,405

 

 

-

 

 

 

 

1,472,405

 

TOTAL LIABILITIES

 

30,368

 

 

1,442,037

 

 

1,472,405

 

 

-

 

 

 

 

1,472,405

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Common stock

 

30,000

 

 

3,825

 

 

33,825

 

 

(3,825)

 

[1]

 

 

30,000

 

Additional paid-in capital

 

(29,340)

 

 

3,213,946

 

 

3,184,606

 

 

(3,213,946)

 

[1][2][3]

 

 

(29,340)

 

Stock subscription payable

 

-

 

 

249,867

 

 

249,867

 

 

(249,867)

 

[2]

 

 

-

 

Accumulated deficit

 

(22,707)

 

 

(4,850,732)

 

 

(4,873,439)

 

 

4,850,732

 

[3]

 

 

(22,707)

 

 

Total Stockholders' Deficit

 

(22,047)

 

 

(1,383,094)

 

 

(1,405,141)

 

 

1,383,094

 

 

 

 

(22,047)

 

TOTAL LIABILITIES AND

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,321

 

$

58,943

 

$

67,264

 

$

1,383,094

 

 

 

$

1,450,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[1]

Eliminate stock and additional paid in capital of the acquired company 3,825 and 3,213,946, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[2]

Eliminate stock subscription payable equity of $249,867.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[3]

Eliminate prior years retained deficit of $(4,850,732) against acquired company equity of 3,470,638 and record difference of $1,383,094 as goodwill .




Page 5 of 9




Media Technologies, Inc. and Subsidiaries

Pro Forma Consolidated Statement of Operations

For the Year Ended December 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

Technologies, Inc.

 

Our World

Live, Inc.

 

Proforma

Combined Totals

 

Proforma

Adjustments

 

Ref

 

Adjusted

Proforma Total

REVENUES

 

$

142,164

 

$

-

 

$

142,164

 

$

-

 

 

 

$

142,164

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

 

123,523

 

 

608,154

 

 

731,677

 

 

-

 

 

 

 

731,677

 

Production expense

 

 

-

 

 

303,646

 

 

303,646

 

 

-

 

 

 

 

303,646

 

Compensation expense

 

 

-

 

 

497,406

 

 

497,406

 

 

-

 

 

 

 

497,406

 

Professional fees

 

 

95,405

 

 

37,343

 

 

132,748

 

 

-

 

 

 

 

132,748

 

General and administrative

 

 

63,845

 

 

578,880

 

 

642,725

 

 

-

 

 

 

 

642,725

 

 

Total Operating Expenses

 

 

282,773

 

 

2,025,429

 

 

2,308,202

 

 

-

 

 

 

 

2,308,202

LOSS FROM OPERATIONS

 

 

(140,609)

 

 

(2,025,429)

 

 

(2,166,038)

 

 

-

 

 

 

 

(2,166,038)

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

-

 

 

(54,846)

 

 

(54,846)

 

 

-

 

 

 

 

(54,846)

 

Impairment of goodwill

 

 

(150,594)

 

 

-

 

 

(150,594)

 

 

-

 

 

 

 

(150,594)

 

Acquisition expense

 

 

(18,856)

 

 

-

 

 

(18,856)

 

 

-

 

 

 

 

(18,856)

 

 

Total Other Income (Expense)

 

 

(169,450)

 

 

(54,846)

 

 

(224,296)

 

 

-

 

 

 

 

(224,296)

LOSS BEFORE TAXES

 

 

(310,059)

 

 

(2,080,275)

 

 

(2,390,334)

 

 

-

 

 

 

 

(2,390,334)

 

 

Provision for Income Taxes

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

LOSS FROM CONTINUING OPERATIONS

 

(310,059)

 

 

(2,080,275)

 

 

(2,390,334)

 

 

-

 

 

 

 

(2,390,334)

DISCONTINUED OPEATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

 

(131)

 

 

-

 

 

(131)

 

 

-

 

 

 

 

(131)

 

Gain on discontinued operations

 

 

24,518

 

 

-

 

 

24,518

 

 

-

 

 

 

 

24,518

 

 

Income (loss) from Discontinued Operations net of tax

 

 

24,387

 

 

-

 

 

24,387

 

 

-

 

 

 

 

24,387

NET LOSS

 

$

(285,672)

 

$

(2,080,275)

 

$

(2,365,947)

 

$

-

 

 

 

$

(2,365,947)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




Page 6 of 9




Media Technologies, Inc. and Subsidiaries

Pro Forma Consolidated Statement of Operations

For the Year Ended December 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

Technologies,

Inc.

 

Our World

Live, Inc.

 

Proforma

Combined

Totals

 

Proforma

Adjustments

 

Ref

 

Adjusted

Proforma Total

REVENUES

 

$

-

 

$

-

 

$

-

 

$

-

 

 

 

$

-

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

 

-

 

 

1,597,124

 

 

1,597,124

 

 

-

 

 

 

 

1,597,124

 

Production expense

 

 

-

 

 

1,932,945

 

 

1,932,945

 

 

-

 

 

 

 

1,932,945

 

Compensation expense

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Professional fees

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

General and administrative

 

 

-

 

 

1,316,722

 

 

1,316,722

 

 

-

 

 

 

 

1,316,722

 

 

Total Operating Expenses

 

 

-

 

 

4,846,791

 

 

4,846,791

 

 

-

 

 

 

 

4,846,791

LOSS FROM OPERATIONS

 

 

-

 

 

(4,846,791)

 

 

(4,846,791)

 

 

-

 

 

 

 

(4,846,791)

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

-

 

 

26

 

 

26

 

 

-

 

 

 

 

-

 

Interest expense

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Impairment of goodwill

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Acquisition expense

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

 

Total Other Income (Expense)

 

 

-

 

 

26

 

 

26

 

 

-

 

 

 

 

-

LOSS BEFORE TAXES

 

 

-

 

 

(4,846,765)

 

 

(4,846,765)

 

 

-

 

 

 

 

(4,846,765)

 

 

Provision for Income Taxes

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

LOSS FROM CONTINUING OPERATIONS

 

 

-

 

 

(4,846,765)

 

 

(4,846,765)

 

 

-

 

 

 

 

(4,846,791)

DISCONTINUED OPEATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

 

(6,172)

 

 

-

 

 

(6,172)

 

 

-

 

 

 

 

(6,172)

 

Gain on discontinued operations

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Income (loss) from Discontinued Operations net of tax

 

 

(6,172)

 

 

-

 

 

(6,172)

 

 

-

 

 

 

 

(6,172)

NET LOSS

 

$

(6,172)

 

$

(4,846,765)

 

$

(4,852,937)

 

$

-

 

 

 

$

(4,852,963)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




Page 7 of 9



Media Technologies, Inc.

Notes to Pro forma Condensed Consolidated Financial Statements

December 31, 2010 and December 31, 2009


Notes to Unaudited Pro Forma Condensed Consolidated financial Statements


On June 14, 2011, Media Technologies, Inc. (“Media Tech” or the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Our World Live, Inc., a Nevada corporation (“OWL”), OWL Acquisition Inc., a Nevada corporation and wholly-owned subsidiary of Media Tech (“Merger Sub”), and Michael Williams as the Major Shareholder of OWL (the “Major Shareholder”) whereby Media Tech will acquire OWL through the Merger of OWL with and into Merger Sub (the “Merger”) with Merger Sub being the surviving corporation, and the business of OWL continuing through Merger Sub, under the name Our World Live, Inc., as a wholly-owned subsidiary of the Company.  


The closing of the Merger occurred on July 28, 2011 (the “Effective Time”)


As a result of the Merger Agreement, each outstanding share of OWL common stock shall be cancelled, extinguished and converted into and become the right to receive a pro rata portion of the Merger Consideration which shall be equal to the number of shares of COAH Common Stock held by each COAH Shareholder multiplied by the Exchange Ratio of 0.3333 (the “Exchange Ratio”), rounded, if necessary, up to the nearest whole share of restricted Common Stock of the Company.  Based on the Exchange Ratio, as a result of the Merger, the OWL Shareholders will own approximately 14,103,240 restricted shares of the Company.


The pro forma consolidated combined balance sheets and statements of operations of Media Tech and OWL are presented here as of December 31, 2010 and 2009.  The adjustments made to eliminate the capital accounts of OWL in conjunction with the pro forma combined consolidated financial statements are shown on the pages of the appropriate financial statements.


On the date of acquisition OWL’s only tangible asset was cash which was more than offset by its liabilities.  The cash and liabilities have been combined in the pro forma combined financial statements at the face value.  Face value determined to represent their fair value.  The difference between the recorded liabilities and assets has been recorded as goodwill.  The goodwill has not been analyzed for impairment or appropriate amortization in the pro forma combined financial statements.





     

        



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ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS Cont’d


(d)      Exhibits. The following exhibits are either filed as a part hereof or are incorporated by reference. Exhibit numbers correspond to the numbering system in Item 601 of Regulation S-K.


Exhibit

 

Number

Description of Exhibit

2.01

Agreement and Plan of Merger dated June 14, 2011(1)

 

 

10.01

MDW and GRW 2000 Irrevocable Trust - Lock-Up Agreement(2)

 

 

10.02

The Shawn Wayne 2000 Irrevocable Trust - Lock-Up Agreement(2)

 

 

10.03

Indemnification Agreement(2)

 

 

10.04

Agreement, Consent and Waiver(2)


 


(1)

Incorporated by reference to our Form 8-K filed with the SEC on June 15, 2011.

(2)

Incorporated by reference to our Form 8-K filed with the SEC on August 1, 2011.


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 thereunto duly authorized.



Media Technologies, Inc.



Dated: September 26, 2011

/s/  Bryant D. Cragun                                

By: Bryant D. Cragun

Its:  President and Chief Executive Officer


 




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