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Subsequent Event (Notes)
9 Months Ended
Nov. 01, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Subsequent Events
Asset Acquisition of Dollars Per Minute, Inc.
On November 18, 2014, the Company entered into an asset purchase agreement with Dollars Per Minute, Inc., a Delaware corporation ("DPM") to purchase certain assets of DPM, including the EVINE brand.
The principal stockholders of DPM are Mark Bozek, the Company's Chief Executive Officer, and Russell Nuce, who became the Company's Chief Strategy Officer effective November 17, 2014. At the time of the transaction, DPM had debt outstanding under certain convertible bridge notes issued to several individuals, including Thomas Beers, one of the Company's directors and a trust for which Russell Nuce has a contingent pecuniary interest. As consideration for the purchase of these assets, primarily related to intellectual property, the Company issued 178,842 unregistered shares of our common stock, which represented an aggregate value of $1,044,000 based on the closing price of our common stock on November 13, 2014 and $20,000 in cash consideration which was paid directly to certain service providers to DPM at DPM's request.
New Corporate Name and Branding
On November 18, 2014, the Company announced and officially changed its corporate name to EVINE Live Inc. Effective November 20, 2014, the Company's NASDAQ trading symbol also changed from VVTV to EVLV. The Company expects to transition from doing business as "ShopHQ" to "EVINE Live" over the coming months, with the complete rebranding planned to take place in the first half of 2015.
Chief Executive Officer Employment and Severance Agreement
On November 17, 2014, the Company entered into an executive employment and severance agreement with Mr. Bozek, the Company's Chief Executive Officer. Among other things, the employment agreement provides for a three-year initial term, followed by automatic one-year renewals, an initial base salary of $625,000, annual bonus stipulations, a temporary living expense allowance and participation in the Company's executive relocation program. In conjunction with the employment agreement, the Company granted Mr. Bozek an award of performance restricted stock units under the Company's 2011 Omnibus Incentive Plan with a fair value of $1 million. The Company's filed a Form 8-K on November 18, 2014 disclosing the terms of this employment agreement.