UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K/A
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 14, 2019
2050
MOTORS, INC.
(Exact
name of Registrant as specified in its Charter)
| California |
|
001-13126 |
|
83-3889101 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
No.) |
|
(IRS
Employer
Identification
No.) |
1340
Brook Street, Unit M, St. Charles, Illinois 60714
(Address
of principal executive offices)
(630)
708-0750
(Registrant’s
Telephone Number)
(Former
name or 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 (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
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)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) [X]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [X]
2050
Motors, Inc. is referred to herein as “we”, “us”, or “us”
Explanatory Note
On May 15, 2019, we filed a Form 8-K disclosing
that we engaged representatives to speak with Aoxin in April 2018. We in fact engaged representatives in April 2019. This filing
corrects that error.
Item
8.01 Other Events
On
May 14, 2019, to eliminate any confusion regarding the future direction of the Company and to provide transparency and clarity
for our investors, our Board of Directors approved the dissolution of our wholly owned subsidiary, 2050 Motors, Inc., a Nevada
corporation doing business under the same name as our publicly traded company, 2050 Motors, Inc., a California corporation. Additionally,
our Board of Directors approved the termination of any and all discussions and prior agreements with Aoxin Motors regarding the
importation of electric vehicles to be made by Aoxin Motors in China into the United States. Our termination was driven by Aoxin
Motors’ failure to obtain the necessary license(s) to manufacture e-GO electric vehicles, which have been under development
since 2012. In April 2019, we designated a representative in China to contact Aoxin Motors on 2050’s behalf. The
responses to our representative’s requests for information were unsatisfactory and incomplete and confirmed that the contemplated
opportunity was no longer active.
Accordingly,
on May 14, 2019, we filed paperwork with the Secretary of State of Nevada to dissolve our wholly owned subsidiary, 2050 Motors,
Inc., a Nevada corporation. Further, for removal of all doubt as to our legacy business in China, we have sent correspondence
to Aoxin Motors terminating any and all discussions and agreements with Aoxin Motors and 2050 Motors, Inc. None of these corporate
actions hinder or change the Company’s current business incubation strategy including existing, announced and/or potential
investments in ERide Club Corp. (www.erideclub.com), CLEC Networks, KANAB CORP. (www.kanab.club), EDGE FiberNet
Inc. (www.edgefibernet.com), Mobicard Inc. aka Peer to Peer Network (www.freemobicard.com), or other entities.
Regarding
expenses related to the dissolution of 2050 Motors, Inc., our wholly owned subsidiary in Nevada, we expect them to be immaterial
to our consolidated financial results and reporting as we wrote off our license and vehicle deposits with Aoxin Motors during
the nine months ended September 30, 2018. We have sent demand letters to former management for an itemization of all assets and
liabilities of the 2050 Motors, Inc. Nevada subsidiary, but they have been ignored. As a result, we are assessing our legal remedies
to recover the assets of the business from former management, employees, contractors, affiliates and representatives and are reporting
the matter to the Secretaries of State in Nevada and California and other appropriate regulatory bodies and government agencies.
Item
9.01. Exhibits
(a)
Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
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.
| |
2050
MOTORS, INC. |
| |
|
|
| Date:
May 15, 2019 |
By: |
/s/
Vikram Grover |
| |
|
Vikram
Grover |
| |
|
Chief
Executive Officer |
