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 (05/04/2016):
BLOW & DRIVE INTERLOCK CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 000-55053 | 46-3590850 | ||
| (State or Other Jurisdiction | (Commission | (I.R.S. Employer | ||
| of Incorporation) | File Number) | Identification No.) |
137 South Robertson Boulevard, Suite 129
Beverly Hills, CA 90211
(Address of Principal Executive Offices) (Zip Code)
(877) 238-4492
(Registrant’s telephone number, including area code)
N/A
(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:
[ ] 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))
FORWARD-LOOKING STATEMENTS:
This Form 8-K and other reports filed by us from time to time with the Securities and Exchange Commission contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, our management as well as estimates and assumptions made by our management. When used in such filings, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan” or the negative of these terms and similar expressions as they relate to us or our management identify forward-looking statements. Such statements reflect our current view with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to our industry, our operations and results of operations and any businesses that we may acquire. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
SECTION 1 — REGISTRANT’S BUSINESS AND OPERATIONS
| Item 1.01 | Entry into a Material Definitive Agreement.
On or about April 25, 2016 we entered into a definitive agreement for financing. The financing took place by means of a stock purchase agreement of $41,000 for 236,000 shares of our company stock. All shares are restricted for a twelve-month period. There were no warrants or options attached. This agreement avoids the company assuming any additional interest payments or assuming debt that additionally has conversion options. The entire proceeds of this stock sale were immediately remitted to our contract assembler and as a result 100 additional BDI-747/1 devices have been delivered to us. Almost all 100 of these units have been leased putting our total number of devices leased with paying clients at just under 350. The reoccurring credit card billing resulting from these contracts is now at approximately $12,500 per month. We are currently sold out of inventory as a result of continued high demand that has outpaced our ability to pay our assembler but we have another 100 units being assembled and due to arrive at our headquarters in Los Angeles by the end of this month, if not sooner. At our current rate of sales and production, we believe that we are on track to have over 500 units leased with paying clients by the end of the month of June 2016. |
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.
| Blow & Drive Interlock Corp. | ||
| By: | /s/ Laurence Wainer | |
| Name: | Laurence Wainer | |
| Title: | Chief Executive Officer and Chief Financial Officer | |
Date: May 5, 2016