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):
December 16, 2019
SeD Intelligent Home Inc.
(Exact
name of registrant as specified in its charter)
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Nevada
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000-55038
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27-1467607
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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4800 Montgomery Lane, Suite 210
Bethesda, MD
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20814
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: 301-971-3940
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 (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))
Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933
(§ 230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§ 240.12b-2 of this
chapter).
Emerging growth
company ☒
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Item
1.02
Termination
of a Material Definitive Agreement.
On
October 17, 2019, 150 CCM Black Oak, Ltd., a Texas limited
partnership (“150 CCM Black Oak”), entered into an
Agreement of Purchase and Sale (“Sale Agreement”) with
Gehan Homes, Ltd. (the “Purchaser”). 150 CCM Black Oak
is wholly owned by certain subsidiaries of SeD Intelligent Home
Inc. (the “Company”). 150 CCM Black Oak is the owner of
the Company’s Black Oak project. The Black Oak project is one
of the Company’s two main assets, and is a subdivision
development project located near Houston, Texas. Black Oak consists
of 162 acres and is currently projected to have 512 units.
Previously, 150 CCM Black Oak completed the sale of 124 lots in
January of 2019.
Pursuant to the Sale Agreement,
150 CCM Black Oak agreed to sell to the Purchaser Phase 2 of the
Company’s Black Oak project, consisting of 125 raw lots and 3
finished lots. The purchase price was set as $2,600,000 for the raw
lots and $190,000 for the finished lots, for a total purchase price
of $2,790,000. In addition, the Purchaser agreed to pay an
enhancement fee of $320,000 at the closing, for a total
consideration of $3,110,000.
A due
diligence period commenced upon the execution of the Sale
Agreement. On December 16, 2019, the due diligence period expired,
and the Purchaser will not be proceeding with the Sale
Agreement.
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.
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SeD Intelligent Home Inc.
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Date:
December 20, 2019
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By:
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/s/
Rongguo (Ronald) Wei
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Name:
Rongguo (Ronald) Wei
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Title:
Co-Chief Financial Officer
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