0001165527-15-000459.txt : 20150918
0001165527-15-000459.hdr.sgml : 20150918
20150918122319
ACCESSION NUMBER: 0001165527-15-000459
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20150918
ITEM INFORMATION: Other Events
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20150918
DATE AS OF CHANGE: 20150918
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GLOBAL EQUITY INTERNATIONAL INC
CENTRAL INDEX KEY: 0001533106
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
IRS NUMBER: 273986073
STATE OF INCORPORATION: NV
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-54557
FILM NUMBER: 151114941
BUSINESS ADDRESS:
STREET 1: 907 SOUTH RIVERSIDE DRIVE
CITY: INDIALANTIC
STATE: FL
ZIP: 32903
BUSINESS PHONE: 3215490628
MAIL ADDRESS:
STREET 1: 907 SOUTH RIVERSIDE DRIVE
CITY: INDIALANTIC
STATE: FL
ZIP: 32903
8-K
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g8014.txt
CURRENT REPORT DATED 9-18-15
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): September 18, 2015
GLOBAL EQUITY INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Nevada 000-54557 27-3986073
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
X3 Jumeirah Bay, Office 3305, Jumeirah Lake Towers
Dubai, UAE
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: +971 (0) 42767576
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 communication pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.133-4(c))
ITEM 8.01 OTHER EVENTS
On October 17, 2013, Global Equity International, Inc. "Company") entered
into a Loan Agreement with MMW Capital Limited and ELW Capital Limited ("Loan
Agreement"), pursuant to which the company borrowed (Great Britain
pounds)200,000 (equivalent to U.S. $319,598).
As previously reported in our Form 10-Q Quarterly Report filed on August
12, 2015, the amount due to MMW Capital Limited and ELW Capital Limited under
the Loan Agreement, including interest and penalties, amounted to $1,041,151 at
June 30, 2015.
On September 18, 2015, we entered into an Addendum to the Loan Agreement
("Addendum") in which the parties agreed to revise the terms of the Loan
Agreement making the loan a nonconvertible, non-interest bearing loan. The
Addendum, which supersedes the Loan Agreement, now provides that the principal
and interest due under the Addendum to the Loan Agreement amount to only
$500,000 and that no new or additional interest or penalties may accrue
thereunder in the future.
As a result of the new agreement, the Company is able to write-off $541,151
of debt.
The payment terms of the new agreement allow us to repay the $500,000 over
the course of one year with manageable payment installments.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit No. Description of Exhibit
----------- ----------------------
10.1 Addendum to Loan Agreement, dated September 18, 2015, by and
between the Company and MMW Capital Limited and ELW Capital
Limited.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: September 18, 2015
GLOBAL EQUITY INTERNATIONAL, INC.
By: /s/ Enzo Taddei
-------------------------------------
Enzo Taddei
Chief Financial Officer
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EX-10.1
2
ex10-1.txt
ADDENDUM TO LOAN AGREEMENT
Exhibit 10.1
ADDENDUM TO LOAN AGREEMENT BETWEEN GLOBAL EQUITY INTERNATIONAL INC.,
MMW CAPITAL LIMITED AND ELW CAPITAL LIMITED
THIS ADDENDUM TO A LOAN AGREEMENT executed on October 17, 2013 (this
"Agreement") is made on September 18, 2015.
BETWEEN
1. MWW CAPITAL LIMITED ("MWW") a company incorporated in the British Virgin
Islands under the Companies Act with registration number 1628139 and with
its registered office at OMC Chambers, Wickham Cay 1, Road Town, Tortola
BVI;
2. ELW CAPITAL LIMITED ("ELW") a company incorporated in the British Virgin
Islands under the Companies Act with registration number 1628399 and with
its registered office at OMC Chambers, Wickham Cay 1, Road Town, Tortola
BVI (together the "FUNDERS");
3. GLOBAL EQUITY INTERNATIONAL INC. ("GEI") incorporated and registered in
Nevada with its head office in Dubai with business number NU2010741228
whose head office is at X3 Jumeirah Bay Tower, Office 3305, JLT, Dubai UAE
(the "BORROWER").
WHEREAS:
a) GEI received a loan amounting to (Great Britain pounds)200,000 (equivalent
to $319,598 at the date of receipt of the initial loan) on October 17,
2013.
b) The term of the loan was 5% per month for 3 months.
c) At today's date GEI has not repaid the loan principal nor the accrued
interest nor any of the stipulated penalties hence the loan is currently in
default.
d) Since GEI is a fully reporting company to the SEC, any material cash
commission or revenue (e.g., $50,000 or more) will have to be disclosed, by
law, in a Current Report on SEC Form 8-K within four days after receiving
any material cash commission or revenue .
NOW IT IS HEREBY AGREED AS FOLLOWS:
1. MWW Capital Limited and ELW Capital Limited have jointly agreed that GEI
can repay a total of $500,000 (Five Hundred Thousand USD) as full and final
payment of the October 17, 2013 loan principal, accrued interest and all
other related penalties.
2. $319,598 of said $500,000 will be treated as the principal loan amount and
$180,402 will be treated as the accrued interest and penalties from the
date of this agreement onwards. The rest of the accrued interest and
penalties will be written off by all parties involved in this transaction.
3. This repayment amount of $500,000 will not accrue any further interest or
penalties.
4. The term of the repayment of the $500,000 are as follows:
a) An initial payment of $20,000 (Twenty Thousand USD) on or before
October 15, 2015.
b) A payment of $50,000 (Fifty Thousand USD) on or before December 31,
2015.
c) A payment of $50,000 (Fifty Thousand USD) on or before March 31, 2016.
d) A payment of $60,000 (Sixty Thousand USD) on or before June 30, 2016.
e) A final balloon payment amounting to $320,000, which is equivalent to
the initial loan principal (Three Hundred and Twenty Thousand USD) on
or before September 30, 2016.
The final balloon payment will be partially repaid sooner than September
30, 2016 in the event that GEI receives a cash commission or revenue from
any one of the followings funding deals it believes will close in the near
future: VT Hydrocarbons, International FIM SRL, Regiscard Group, Medinas
Holdings BV.
5. The payment shall to transferred to the following bank account:
Beneficiary: Eden Corporate Finance Limited
IBAN: ****************
Sort Code: ****************
A/C number: ****************
BIC Code: ****************
6. Any payments due to lawyers will be agreed in a separate agreement; hence,
this addendum will not be subject to any other agreement with another third
parties.
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7. This agreement supersedes the October 17, 2013 loan agreement in its
entirety.
8. This Agreement is governed and is to be construed in accordance with the
law of England and Wales and the Parties hereby adhere to the exclusive
jurisdiction of the courts of England and Wales in respect of any dispute
arising from this Agreement.
(PURPOSELY LEFT BLANK)
WHEREOF, GLOBAL EQUITY INTERNATIONAL INC., MWW CAPITAL LIMITED AND ELW
CAPITAL LIMITED have executed and delivered this agreement as of the date first
mentioned above.
Global Equity International Inc. Global Equity International Inc.
/s/ Enzo Taddei /s/ Peter James Smith
-------------------------------- --------------------------------
Enzo Taddei Peter James Smith
Director CFO and Director Director CEO and Director
MWW Capital Limited ELW Capital Limited
/s/ Kevin O'Farrell /s/ Kevin O'Farrell
-------------------------------- --------------------------------
Kevin O'Farrell Kevin O'Farrell
Rep. for MWW Capital Ltd. Rep. for ELW Capital Ltd.
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