Attached files
file | filename |
---|---|
EX-10.1 - EXHIBIT 10.1 - San Lotus Holding Inc | exhibit101.htm |
EX-10.7 - EXHIBIT 10.7 - San Lotus Holding Inc | exhibit107.htm |
EX-10.3 - EXHIBIT 10.3 - San Lotus Holding Inc | exhibit103.htm |
EX-10.9 - EXHIBIT 10.9 - San Lotus Holding Inc | exhibit109.htm |
EX-10.8 - EXHIBIT 10.8 - San Lotus Holding Inc | exhibit108.htm |
EX-10.6 - EXHIBIT 10.6 - San Lotus Holding Inc | exhibit106.htm |
EX-10.4 - EXHIBIT 10.4 - San Lotus Holding Inc | exhibit104.htm |
EX-10.5 - EXHIBIT 10.5 - San Lotus Holding Inc | exhibit105.htm |
EX-10.10 - EXHIBIT 10.10 - San Lotus Holding Inc | exhibit1010.htm |
EX-10.11 - EXHIBIT 10.11 - San Lotus Holding Inc | exhibit1011.htm |
EX-10.12 - EXHIBIT 10.12 - San Lotus Holding Inc | exhibit1012.htm |
EX-10.2 - EXHIBIT 10.2 - San Lotus Holding Inc | exhibit102_real.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): August 11, 2014
|
|
SAN LOTUS HOLDING INC. |
|
|
|
|
(Exact name of registrant as specified in its charter) |
|
|
|
|
|
|
|
Nevada |
|
333-176694 |
|
45-2960145 |
(State or other jurisdiction of |
|
(Commission File Number) |
|
(IRS Employer |
incorporation or organization) |
|
|
|
Identification No.) |
|
|
|
|
|
|
|
3F B302C, No. 185 Kewang Road |
|
|
|
|
Longtan Township, Taoyuan County 325 Taiwan (R.O.C.) |
|
|
|
|
(Address of principal executive offices) |
|
(Zip code) |
|
|
|
|
|
Registrant's telephone number, including area code: |
|
+866-3-4072339 |
|
|
|
|
|
|
|
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)) |
1
Item 1.01 Entry Into A Material Definitive Agreement.
Transaction 1(the transaction among Green Forest Management Consulting Inc.; Lo, Fun-Ming; Yu, Chien-Yang; and Mao Ren International Inc.)
On August 11, 2014, our wholly-owned subsidiary, Green Forest Management Consulting Inc., a Taiwan (R.O.C.) corporation ("Green Forest"), entered into a land purchase agreement (the "LPA-1") with Lo, Fun-Ming; Yu, Chien-Yang; and Mao Ren International Inc. ( the "Sellers") to acquire 1,124,935 square meters of land in Dataoping Section of Zaoqiao Township, Miaoli County, Taiwan (R.O.C.) and 160,779 square meters of land in Laotianliao Section of Touwu Township, Miaoli County, Taiwan (R.O.C.), all of which is 1,285,713.89 square meters (the "Land-1").
Green Forest purchased the Land-1 for TWD$3,369,303,693 (US$111,581,126.3) (the "Purchase Price-1"). The Purchase Price-1 was paid for through Green Forest's issuance of a promissory note (the "Promissory Note-1") payable to the Seller. Through an agreement of assignment, assumption and release (the "Assumption-1"), which we entered into with the Seller and Green Forest on August 11, 2014, we assumed the debt Green Forest owed under the Promissory Note-1, thus relieving Green Forest of its obligations thereunder.
On August 11, 2014, we entered into a stock purchase agreement for the issuance of 397,935,544 shares of our common stock, par value $0.1 per share (the "Shares-1"), at a purchase price of $0.2804 per share, to the Sellers and their designees pursuant to stock purchase agreements, dated August 11, 2014 (the "Subscription Agreements-1"). The issuance of the Shares was exempt from registration pursuant to either Regulation S or Regulation D, as stated in the respective Subscription Agreements-1, depending on the location and intent of the purchaser. The Shares-1 were issued at the instruction of the Sellers and in full satisfaction of the debt we owed pursuant to the Assumption-1.
Transaction 2( the transaction between Green Forest Management Consulting Inc. and Chen, Kuan-Yu)
On August 11, 2014, our wholly-owned subsidiary, Green Forest Management Consulting Inc., a Taiwan (R.O.C.) corporation ("Green Forest"), entered into a land purchase agreement (the "LPA-2") with Chen, Kuan-Yu ( the "Seller") to acquire 453,294.86 square meters of land in Dataoping Section of Zaoqiao Township, Miaoli County, Taiwan (R.O.C.) and 10,120 square meters of land in Laotianliao Section of Touwu Township, Miaoli County, Taiwan (R.O.C.), all of which is 463,414.86 square meters (the "Land-2").
Green Forest purchased the Land-2 for TWD$1,214,398,015 (US$40,957,774.7) (the "Purchase Price-2"). The Purchase Price was paid for through Green Forest's issuance of a promissory note (the "Promissory Note-2") payable to the Seller. Through an agreement of assignment, assumption and release (the "Assumption-2"), which we entered into with the Seller and Green Forest on August 11, 2014, we assumed the debt Green Forest owed under the Promissory Note-2, thus relieving Green Forest of its obligations thereunder.
On August 11, 2014, we entered into a stock purchase agreement for the issuance of 202,660,931 shares of our common stock, par value $0.1 per share (the "Shares-2"), at a purchase price of $0.2021 per share, to the Sellers and their designees pursuant to stock purchase agreements, dated August 11, 2014 (the "Subscription Agreements-2"). The issuance of the Shares was exempt from registration pursuant to either Regulation S or Regulation D, as stated in the respective Subscription Agreements-2, depending on the location and intent of the purchaser. The Shares-2 were issued at the instruction of the Sellers and in full satisfaction of the debt we owed pursuant to the Assumption-2.
2
The following tables detail our officers and directors and their relationship to Green Forest, if any.
|
Name of Natural Person Affiliate |
|
San Lotus Holding Inc.
|
|
Green Forest Management Consulting Inc.
| ||
1 |
Chen, Li-Hsing |
|
President, Chairman and Director |
|
- | ||
2 |
ChenTseng, Chih-Ying |
|
Chief Executive Officer |
|
- | ||
3 |
Lin, Mu Chen |
|
Chief Financial Officer |
|
- | ||
4 |
Yu, Chien-Yang |
|
Vice President and Director |
|
Director | ||
5 |
Chen, Kuan-Yu |
|
Secretary and Director |
|
Director | ||
6 |
Lo, Fun-Ming |
|
Director |
|
- | ||
7 |
Kwong, Edwin |
|
Director |
|
- | ||
8 |
Wu, Tsung Lun |
|
Director |
|
- | ||
9 |
Chang, Kai |
|
Director |
|
- | ||
10 |
Yueh, Jung-Lin |
|
Director |
|
- | ||
11 |
Lai, Chia Ling |
|
Director |
|
- | ||
12 |
Chiang, Yu-Chang |
|
- |
|
Director / Chairman | ||
|
|
|
| ||||
Finally, the following table details how the Shares were distributed to the above officers, directors and affiliates in the inTransaction 1 and Transaction 2 above.
.
Name of Natural Person Affiliate
|
A. Beneficial Ownership in San Lotus Shares Received (A = B x C) |
Holding Entity
|
B. Beneficial Ownership in Holding Entity
|
C. San Lotus Shares Received in Holding Entity
|
Chen, Li-Hsing |
16,000,006 |
R&G INTERNATIONAL CO., LTD |
50.00% |
32,000,012 |
2,562,849 |
Self |
- |
- | |
ChenTseng, Chih-Ying |
16,000,006 |
R&G INTERNATIONAL CO., LTD |
50.00% |
32,000,012 |
1,777,783 |
Self |
- |
- | |
Lin, Mu Chen |
2,948,614 |
Tartars Ltd |
100.00% |
2,948,614 |
Yu, Chien-Yang |
108,780,562 |
Ocean Reserve Ltd. |
100.00% |
108,780,562 |
5,061,466 |
Rocky Yu Ltd |
100.00% |
5,061,466 | |
5,061,466 |
Jackson Yu Ltd |
100.00% |
5,061,466 | |
5,061,466 |
Dennis Yu Ltd |
100.00% |
5,061,466 | |
400,000 |
Golden Hen Holding Inc |
100.00% |
400,000 | |
400,000 |
A Band Inc |
100.00% |
400,000 | |
400,000 |
A Benbow Holding |
100.00% |
400,000 | |
4,333,333 |
Animedia Holding Inc |
100.00% |
4,333,333 | |
1,000,000 |
AHI Adaptation Inc |
100.00% |
1,000,000 | |
1,000,000 |
AHI Advertising Inc |
100.00% |
1,000,000 | |
1,666,667 |
AHI Animation Inc |
100.00% |
1,666,667 | |
1,000,000 |
AHI Blueprint Inc |
100.00% |
1,000,000 | |
1,666,667 |
AHI Broadcasting Inc |
100.00% |
1,666,667 | |
1,000,000 |
AHI Diction Inc |
100.00% |
1,000,000 | |
1,000,000 |
AHI Illustration Inc |
100.00% |
1,000,000 | |
1,666,667 |
AHI Library Inc |
100.00% |
1,666,667 | |
4,000,000 |
AHI Marketing Inc |
100.00% |
4,000,000 | |
1,000,000 |
AHI Peripherals Inc |
100.00% |
1,000,000 | |
1,000,000 |
AHI Photography Inc |
100.00% |
1,000,000 | |
1,000,000 |
AHI Pictures Inc |
100.00% |
1,000,000 | |
1,666,667 |
AHI Post Production Inc |
100.00% |
1,666,667 | |
1,000,000 |
AHI Publishing Inc |
100.00% |
1,000,000 | |
5,000,000 |
AHI Sound Inc |
100.00% |
5,000,000 | |
1,000,000 |
AHI Talent Agency Inc |
100.00% |
1,000,000 | |
1,000,000 |
AHI Voice Inc |
100.00% |
1,000,000 | |
2,669,666 |
Animedia TV Inc |
80.09% |
3,333,333 | |
1,666,667 |
AHI Content Inc |
100.00% |
1,666,667 | |
1,666,667 |
AHI Lighting Inc |
100.00% |
1,666,667 | |
3,333,333 |
AHI Film Inc |
100.00% |
3,333,333 | |
1,666,667 |
AHI Records Inc |
100.00% |
1,666,667 | |
400,000 |
App Artist Holding Inc |
100.00% |
400,000 | |
1,000,000 |
App Artist Blueprint Inc |
100.00% |
1,000,000 | |
1,666,667 |
App Artist Library Inc |
100.00% |
1,666,667 | |
1,000,000 |
App Artist Marketing Inc |
100.00% |
1,000,000 | |
1,000,000 |
App Artist Services Inc |
100.00% |
1,000,000 | |
1,666,667 |
App Artist Software Inc |
100.00% |
1,666,667 | |
400,000 |
A Peace World Holding Inc |
100.00% |
400,000 | |
10,000,000 |
APW Assets Inc |
100.00% |
10,000,000 | |
5,000,000 |
APW Construction Inc |
100.00% |
5,000,000 | |
5,000,000 |
APW Contractor Inc |
100.00% |
5,000,000 | |
5,000,000 |
APW Development Inc |
100.00% |
5,000,000 | |
3,333,333 |
Genie Experiences Holding Inc |
100.00% |
3,333,333 | |
1,666,667 |
Genie Experiences Coach Inc |
100.00% |
1,666,667 | |
1,000,000 |
Genie Experiences Marketing Inc |
100.00% |
1,000,000 | |
1,000,000 |
Genie Experiences Realty Inc |
100.00% |
1,000,000 | |
3,333,333 |
Genie Experiences Services Inc |
100.00% |
3,333,333 | |
400,000 |
Autarky Holding Inc. |
100.00% |
400,000 | |
2,666,667 |
Autarky Consulting Inc |
100.00% |
2,666,667 | |
1,000,000 |
Autarky Immigration Services Inc |
100.00% |
1,000,000 | |
1,000,000 |
Autarky Library Inc |
100.00% |
1,000,000 | |
1,000,000 |
Autarky Management Consulting Inc |
100.00% |
1,000,000 | |
1,000,000 |
Autarky Marketing Inc |
100.00% |
1,000,000 | |
1,000,000 |
Autarky Publishing Inc |
100.00% |
1,000,000 | |
1,000,000 |
Autarky Services Inc |
100.00% |
1,000,000 | |
1,000,000 |
BKPR Inc. |
100.00% |
1,000,000 | |
6,666,667 |
Framework Capital Inc |
100.00% |
6,666,667 | |
3,333,333 |
Axis Holding Inc |
100.00% |
3,333,333 | |
400,000 |
Kreo Socivs Holding Inc |
100.00% |
400,000 | |
81,633 |
Da Chuang Business Management Consultant Co., Ltd. |
24.65% |
331,170 | |
32,554 |
Songhai Management Consulting Co. Ltd |
100.00% |
32,554 | |
7,629,597 |
Self |
- |
- | |
Chen, Kuan-Yu |
663,667 |
Animedia TV Inc |
19.91% |
3,333,333 |
25,301 |
Da Chuang Business Management Consultant Co., Ltd. |
7.64% |
331,170 | |
Lo, Fun-Ming |
226,491,620 |
Self |
- |
- |
Kwong, Edwin |
4,922,791 |
Show King Holdings Inc |
92.22% |
5,338,095 |
Wu, Tsung Lun |
1,126 |
Da Chuang Business Management Consultant Co., Ltd. |
0.34% |
331,170 |
Chang, Kai |
- |
- |
- |
- |
Yueh, Jung-Lin |
- |
- |
- |
- |
Lai, Chia Ling |
199 |
Da Chuang Business Management Consultant Co., Ltd. |
0.06% |
331,170 |
1,512,871 |
Flora Lai Ltd |
100.00% |
1,512,871 | |
Chiang, Yu-Chang |
4,802 |
Da Chuang Business Management Consultant Co., Ltd. |
1.45% |
331,170 |
Following the issuance of the Shares-1 and Shares-2, we entered into an agreement with the sellers noting the satisfaction of any and all obligations originally owed pursuant to the Promissory Note-1and Promissory Note-2, thus cancelling out any and all obligations that would be owed pursuant to the Assumption-1 and Assumption-2 (the "Note Cancellation Agreement-1" and "Note Cancellation Agreement-2" ).
A description of the specific terms and conditions of the agreements related to Transaction 1and Transaction 2 are set forth in the LPA-1and LPA-2, respectively attached hereto as Exhibit 10.1and 10.2; the Promissory Note-1and Promissory Note-2, respectively attached hereto as Exhibit 10.3 and 10.4; the Assumption-1 and Assumption-2, respectively attached hereto as Exhibit 10.5 and 10.6; the Note Cancellation Agreement-1 and Note Cancellation Agreement-2, respectively attached hereto as Exhibit 10.7 and 10.8; and the Subscription Agreements-1 and Subscription Agreements-2, respectively attached hereto as Exhibit 10.9, 10.10, 10.11, and 10.12, all of which are incorporated herein by reference. |
3
Item 2.01 Completion of Acquisition or Disposition of Assets.
Reference is made to the disclosures concerning the acquisition set forth in Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated herein by reference.
The Land-1 and Land-2 consists of 1,749,128.75 square meters, in the Dataoping Section of Zaoqiao Township and Laotianliao Section of Touwu Township, Miliaoli County, Taiwan (R.O.C.). The lots in Land are separately zoned as "agricultural region;" "traffic region;" "forest region;" "C-class construction land;" and "water resource region." By law, the entire title to such lots zoned as agricultural region cannot be transferred to Green Forest until Green Forest obtains a license of agricultural enterprises.
The entire title to the lots other than those zoned as agricultural region will be transferred to Green Forest after closing, as any previous mortgage on the Land-1 and/or Land-2 will be satisfied after closing. The appraisal report has been disclosed as Exhibit 10.8 in current reports on Form 8-K previously filed with the Securities and Exchange Commission on December 30, 2013.
Before our acquisition, we had the Land-1 and Land-2 appraised by an independent third-party appraisal company, Zhanmao Real Estate Appraisers Firm ("Zhanmao"), to determine the fair market value of Land-1 and Land-2. Zhanmao appraised the Land-1 at TWD$3,369,303,693 (US$111,581,126.3) and appraised the Land-2 at TWD$1,214,398,015 (US$40,957,774.7) pursuant to "Sale Price Comparison approach"; "Land Development Analysis approach" for land of the specific types-agricultural; traffic; forest; and water resource, etc.
We have not yet determined our specific use for the land, although we intend to either use it to develop scenic, destination real estate or hold it for later resale when we need to raise funds. We have entered into non-binding letters of intent to acquire several other properties in Taiwan, all of which we have disclosed on current reports on Form 8-K previously filed with the Securities and Exchange Commission. Once we complete all of these acquisitions, expected by the end of 2014, we will evaluate our land holdings in their entirety and develop an overall plan on how to develop and/or utilize the properties.
Item 3.02 Unregistered Sale of Equity Securities.
Reference is made to the disclosures set forth under Item 1.01 of this report, which are incorporated herein by reference.
Our issuance of 600,596,475 shares of our common stock pursuant to the Subscription Agreements, each dated August 11, 2014, were not issued in a "public offering" as defined in Section 4(2) of the Securities Act of 1933, as amended, (the "Securities Act") and met the requirements to qualify for exemption from registration pursuant to either Regulation S or Regulation D of the Securities Act of 1933, as amended (the "Securities Act"). The sale of shares exempt from registration under Regulation S was all made outside of the U.S. to non-U.S. persons.
This Current Report on Form 8-K is neither an offer to sell nor the solicitation of an offer to buy securities. The securities have not been registered under the Securities Act and may not be offered or sold in the U.S. absent registration or an exemption from registration under the Securities Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being filed herewith:
Exhibit No. and Description
10.1 Land Purchase Agreement in Transaction 1, dated as of August 11, 2014
10.2 Land Purchase Agreement in Transaction 2, dated as of August 11, 2014
10.3 Promissory Note in Transaction 1, dated as of August 11, 2014
10.4 Promissory Note in Transaction 2, dated as of August 11, 2014
10.5 Agreement of Assignment, Assumption and Release in Transaction 1, dated as of August 11, 2014
10.6 Agreement of Assignment, Assumption and Release in Transaction 2, dated as of August 11, 2014
10.7 Cancellation of Promissory Note in Transaction 1, dated as of August 11, 2014
10.8 Cancellation of Promissory Note in Transaction 2, dated as of August 11, 2014
10.9 Regulation S Stock Purchase Agreement in Transaction 1, dated as of August 11, 2014
10.10 Regulation S Stock Purchase Agreement in Transaction 2, dated as of August 11, 2014
10.11 Regulation D Stock Purchase Agreement in Transaction 1, dated as of August 11, 2014
10.12 Regulation D Stock Purchase Agreement in Transaction 2, dated as of August 11, 2014
10.13 Appraisal Report of Zhanmao Real Estate Appraisers Firm. *
* Previously filed in our Curent Report on Form 8-K dated December 30, 2013.
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.
SAN LOTUS HOLDING INC.
Dated: August 11, 2014
By: /s/ Chen, Li-Hsing________________
Chen Li-Hsing
President and Chairman of the Board
EXHIBIT INDEX
Exhibit No. and Description
10.1 Land Purchase Agreement in Transaction 1, dated as of August 11, 2014
10.2 Land Purchase Agreement in Transaction 2, dated as of August 11, 2014
10.3 Promissory Note in Transaction 1, dated as of August 11, 2014
10.4 Promissory Note in Transaction 2, dated as of August 11, 2014
10.5 Agreement of Assignment, Assumption and Release in Transaction 1, dated as of August 11, 2014
10.6 Agreement of Assignment, Assumption and Release in Transaction 2, dated as of August 11, 2014
10.7 Cancellation of Promissory Note in Transaction 1, dated as of August 11, 2014
10.8 Cancellation of Promissory Note in Transaction 2, dated as of August 11, 2014
10.9 Regulation S Stock Purchase Agreement in Transaction 1, dated as of August 11, 2014
10.10Regulation S Stock Purchase Agreement in Transaction 2, dated as of August 11, 2014
10.11Regulation D Stock Purchase Agreement in Transaction 1, dated as of August 11,2014
10.12Regulation D Stock Purchase Agreement in Transaction 2, dated as of August 11, 2014
10.13 Appraisal Report of Zhanmao Real Estate Appraisers Firm. *
* Previously filed in our Curent Report on Form 8-K dated December 30, 2013.