Attached files

file filename
EX-32 - CERTIFICATION - Sputnik Enterprises, Incspni_ex32.htm
EX-31 - CERTIFICATION - Sputnik Enterprises, Incspni_ex31.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR11.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR22.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR16.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR20.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR23.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR12.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR21.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR19.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR14.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR17.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR10.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR13.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR18.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR24.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR5.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR2.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR4.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR3.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR7.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR9.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR6.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR8.htm
XML - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncR1.htm
EXCEL - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncFinancial_Report.xls
10-K - FORM 10-K - Sputnik Enterprises, Incspni_10k.htm
v2.4.0.8
Subsequent Events
12 Months Ended
Dec. 31, 2013
Subsequent Events  
NOTE 9 - SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation the following events have occurred and require disclosure:

 

On January 20, 2014, our Chief Executive Officer and Director, R. Thomas Kidd, retired from his position. For and as consideration of Kidd’s resignation as CEO and Director and retirement from services to the Company, Company shall agrees to compensate Kidd in the form of a severance package as follows:

 

·   Company shall execute and deliver a demand promissory note in the amount of $400,000, which shall be payable upon the demand of the holder. The promissory note shall be secured by all assets of the Company.
·   Company shall procure and purchase a $500,000 term life policy with a term of at least 10 years and pay the premiums associated therewith no later than March 1, 2014. The policy will name Joan L. Kidd, his spouse, as beneficiary and Kidd named parties as secondary beneficiaries
·   Company shall enter into an indemnification agreement with Kidd, in a form acceptable to Kidd, indemnifying Kidd against any claims of any kind from any third party for a period of 7 years.
·   Company shall enter into an advisor agreement with Kidd which shall provide for the issuance of 2 million common shares of stock as compensation for services rendered.
·   Company shall execute a general release of any and all claims in favor of Kidd relating to Kidd’s tenure as CEO of the Company.
·   Company represents and warrants that within 5 days of the date of closing of a merger transaction and exiting shell status, Company shall file a registration statement on form S-1 to register shares under its equity line with Dutchess Capital. No other shares other than the shelf registration for Dutchess will be included in this S-1 registration statement. Company further agrees that it shall take all steps necessary and required to obtain an effective declaration by the SEC on the registration statement.

 

Upon execution of the agreement, and receipt of all documentation, Kidd shall immediately do the following:

 

·   Agree to return 5,000 shares of Convertible preferred stock of the Company to Company for cancelation upon closing of merger transaction.
·   Resign all positions, as applicable, with the Company.

 

On January 20, 2014, The Company consolidated all advances and loans made by R. Thomas Kidd and his wife into one demand promissory note in the amount of $125,000, payable on demand, with monthly installments of $6,944.44 plus interest at the rate of 5% per annum, with interest accrued from June 1, 2013, beginning 10 days after the Company has received funding from any source.