U.S. 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): May 22, 2017

 

SurePure, Inc.

(Exact name of Company as specified in its charter)

 

Nevada 000-54172 26-3550286
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation)   Identification No.)
     
  405 Lexington Avenue, 25th Floor  
  New York, NY 10174  
  (Address of principal executive offices)  
     
  Telephone:  (917) 368-8480  
  Facsimile:  (917) 368-8005  
   (Registrant’s Telephone Number)  

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company 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))

 

 

 

 

Item 8.01 Other Events

 

During the fourth quarter of 2016, we reported that we had received a notice from the Debt Enforcement Authority Zug (the “Authority”) on behalf of the Canton of Zug, Switzerland, relating to a possible seizure of the assets of our SPOAG subsidiary. The basis for the notice of seizure was SPOAG’s failure to pay payroll taxes and social security obligations owing to the Canton of Zug included in the obligations referred to above. Following discussions with the Authority, the Authority agreed to a revised payment schedule for the payment of the overdue payroll taxes, with payments by SPOAG to be made before December 31, 2016. We did not make payments as and, as a result, the Authority rejected the plan.

 

As disclosed in Note 10 to our consolidated financial statements for the quarter ended March 31, 2017 as included in our Form 10-Q for that quarter filed on May 23, 2017 (the “March 31 Form 10-Q”), the unpaid balance of this liability was approximately $256,000 and was included in accounts payable and other current liabilities in the accompanying consolidated balance sheets as of March 31, 2017.

 

On May 22, 2017, we received an additional notice from the Authority on behalf of the Canton of Zug. The notice requires that we present ourselves on June 1, 2017 to permit the seizure of the assets of SPOAG. The principal assets of SPOAG are the international patents which covers our SurePure Photopurification Technology. If we were to be divested of ownership of these patents, then the new holder of the patents could bring legal proceedings to force us to cease manufacturing or selling products that use our technology until the patents expire in October 2020. As a result, we would likely be forced to cease operations.

 

We have also been advised by the Swiss social security fund that, unless we bring the past due contributions up to date by May 31, 2017, SPOAG’s registration with this fund will be terminated. SPOAG will then be in contravention of local laws and regulations in this regard and may become subject to additional penalties.

 

We are attempting to secure funds for the payments to have been made under the payment plan and as required by the social security fund on or before March 31, 2017, to hold discussions with the Authority with a view to deferring all or part of the remaining payment obligation and to request that the Authority withdraw its seizure notice. We cannot predict whether we will be successful in arranging the payments or these discussions or whether, if held, the discussions will result in deferral of any of the obligations or the withdrawal of the seizure notice.

 

Additionally as noted in our March 31 Form 10-Q, we have incurred recurring operating losses and have a working capital deficiency. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

 

For a complete understanding of our financial results and financial position, investors are referred to our March 31 Form 10-Q. Our SEC reports can be found on our website.

 

 

 

 

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.

 

   SUREPURE, INC.
   (Registrant)
   
Date: May 24, 2017   /s/ Guy R. Kebble
    Guy R. Kebble
    Chief Executive Officer