Attached files

file filename
EX-2.1 - ISIM PAG SPA - Insight Management Corpexhibit21120610.htm
EX-10.0 - MEMBERSHIP AGREEMENT - Insight Management Corpexhibit10120610.htm
EX-2.2 - PROMISSORY NOTE - Insight Management Corpexhibit22120610.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): November 11, 2010
 
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[Missing Graphic Reference]

Insight Management Corporation
(Exact name of registrant as specified in its charter)
—————————

Florida
 
333-148697
 
20-8715508
(State or other jurisdiction of
 
(Commission
 
(IRS Employer
incorporation or organization)
 
File Number)
 
Identification No.)
         
408 West 57th Street, Suite 8E, New York, NY 10019
(Address of principal executive offices)
 
(866) 787-3588
 
(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
     
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
     
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
 

 
 

 
 

 

Item 1.01.     Entry Into a Definitive Material Agreement


On November 11, 2010, Insight Management Corporation, completed the acquisition of Plant Acadia Growing, Inc., (Plant Acadia Growing), and all of its title, interests and membership of its wholly owned subsidiary Simpson Brothers Greenhouses, LLC.
 
Plant Acadia, is a privately held corporation and the parent and sole member of Simpson Brothers Greenhouses, LLC (“SBG”).  SBG represents the sole operating activity of Plant Acadia.  SBG is a retail greenhouse and wholesaler of farm supplies.  It has been in operation since 2004 and is located in Ovid, MI.
 
 
SBG owns two (2) acres of greenhouse and building area as well as six (6) acres of agricultural property.  The period ending September 30, 2010, SBG’s gross profits are $292,645, and has net income before income taxes of  $56,077.  SBG’s average gross monthly sales, before cost of goods sold, is $65,000.   SBG’s tangible assets, which include, plant, property and equipment are $620,100.
 
 
The Purchase Price of the acquisition of Plant Acadia is $4,750,000 due and payable six (6) months from the date of the completion of the acquisition.  ISIM has provided Plant Acadia a Convertible Promissory Note, the terms of which are described below in detail.
 
 
Item 2.01.                      Completion of Acquisition or Disposition of Assets
 
On November 11, 2010, the acquisition of Plant Acadia Growing, Inc. (Plant Acadia Growing),was completed by the Board of Directors of the Company. Plant Acadia. which  is the sole member of Simpson Brothers Greenhouse, LLC, a retail greenhouse and wholesaler of farm supplies, is a wholly owned subsidiary of The Good One Inc. which sold all of its interest in Plant Acadia for $4,750,000 pursuant to the terms of a Convertible Promissory Note (attached hereto as EX-10), and described more fully below.
 
a. The transaction was completed and the Stock Purchase Agreement (attached hereto as an exhibit), was executed by the parties on November 11, 2010.
 
b. Plant Acadia is the sole member of Simpson Brothers Greenhouse, LLC.  SBG is the sole asset of Plant Acadia.  The assets of SBG include two (2) acres of greenhouse and building space and an additional six (6) acres of farmland.  As of the nine (9) month period ending September 30, 2010, the total assets of SBG are $757,633 against total liabilities of $404,375.  Owner equity is $353,258.  Plant Acadia is a wholly owned subsidiary of The Good One, Inc.
 
c. The Good One, Inc. is a shareholder of ISIM and therefore a related party other than in respect to this transaction. It currently owns 23,892,730 common shares of the Company’s stock. This represents 3.9% of the 614,503,394 common shares outstanding as of the date of the transaction.  Plant Acadia Growing, Inc. acquired Simpson Brothers Greenhouse, LLC on September 24, 2010.
 
d. ISIM agreed to a purchase price of $4,750,000 to be paid within six (6) months of the date of the acquisition.  ISIM has provided Plant Acadia Growing, Inc. a Convertible Promissory Note (attached hereto as an exhibit) with the following terms:
1. Due date of May 11, 2011
2. Principal in the amount of $4,750,000
3. Interest to be compounded upon maturity of 5%
4.  To be automatically converted at term as follows:
i. to common shares of the corporation at a conversion price equal to 30% of the average closing price of the three (3) days previous to the conversion date;
ii. such conversion shall be subject to a limitation of  shares converted so as The Good One Inc’s ownership will not exceed nine tenths (9.9%) of the then current outstanding shares of Common Stock at any one time.
 
e. No material relationship exists between the registrant or any of its affiliates.
 
f. The registrant is a development stage company.
 

 

 

 
 
 

 

 
 Item 9.01 Financial Statements and Exhibits      
 Plant Acadia Growing, Inc.      
 Consolidated Balance Sheet      
 Period ending September 30, 2010      
    For the period ending  
    September 30, 2010  
 ASSETS      
 Current assets      
     Cash and cash equivalents   $ 5,500  
     Accounts receivables   
    42,033  
     Crop inventory     65,000  
     Pre-paid expenses     25,000  
 Total Current assets     137,533  
 Intermediate assets        
     Machinery and equipment     16,600  
     Vehicles     28,000  
 Total intermediate assets     44,600  
 Long term assets        
         
     Buildings and improvements     36,500  
     Real estate - land     539,000  
 Total long term assets     575,500  
 Total assets   $ 757,633  
         
 LIABILITIES        
 Current Liabilities     5,350  
     Accounts payable     149,696  
     Operating loans - GFCS     35,088  
     Current portion term debt     3,365  
     Accrued interest     192,499  
 Total current liabilities        
 Intermediate liabilities        
     Intermediate term debt
    211,876  
 Total Intermediate liabilities     211,876  
 Total Liabilities     404,375  
         
 Owners' Equity        
 Total Equity     353,258  
         
 Total Liabilities and owners' equity   $ 757,633  
 

 
 

 
 
 Insight Mangement Corporation            
 Consolidated Balance Sheet            
 For the Period ending September 30, 2010 and            
 Pro Forma for the same period            
 Unaudited            
    September 30, 2010     September 30, 2010  
    Nine months ended     Pro forma Consolidation  
    Unaudited     Unaudited  
             
 ASSETS            
             
 CURRENT ASSETS:            
             
 Cash and cash equivalents   $ 228     $ 5,728  
 Investments - Real estate land             539.000  
 Accounts payable             42.033  
 Inventory             65.000  
 Prepaid expenses             25.000  
 Other current assets     1,773       1.773  
 Total Current Assets     2,001     $ 678.494  
                 
                 
 Intermediate assets                
 Machinery and equipment             16,600  
 Building and improvements             36,500  
 Vehicles             28,000  
 Total Intermediate Assets             81,100  
                 
            $ 84,694  
 TOTAL ASSETS     2,001          
                 
 LIABILITIES AND STOCKHOLDERS' DEFICIT                
                 
 CURRENT LIABILITIES:                
                 
 Accounts payable     531,214       536,564  
 Accounts payable - related party     5,000       5,000  
 Short term notes payable     61,296       209,992  
 Short term notes payable - related party     47,000       47,000  
 Convertible notes payable net of unamortized discount     194,444       406,320  
 Convertible notes payalbe - related party     20,100       20,100  
 Current portion term debt             35,088  
 Accrued interest             3,365  
 Total current liabilities     859,054       1,260,064  
                 
 STOCKHOLDERS' DEFICIT:                
 Common stock, $0.00014 par value; 1,000,000,000 shares                
 authorized, 598,443,380 and 516,953,806 shares issued and                
 outstanding respectively     83,783       83,783  
 Additional paid - in - capital     6,037,404       6,037,404  
 Accumulated deficit     (1,184,056 )     (1,127,979 )
 Deficit accumulated during re-entry to devlopment stage     (5,793,926 )     (6,253,272 )
                 
 Total stockholders' deficit     (857,053 )     (1,260,064 )
 Total liabilities and stockholders' deficit     2,001       840,694  
 


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.
 
Date: November 30, 2010
INSIGHT MANAGEMENT CORPORATION.
     
 
By
/s/ Kevin Jasper
   
Kevin Jasper
   
Interim Chief Executive Officer
   
(Principal Executive Officer)