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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flexible Solutions International Inc | AMEX:FSI | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -2.23% | 2.19 | 2.32 | 2.16 | 2.32 | 14,272 | 01:00:00 |
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): January 14, 2018
Nevada 001-31540 91-1922863 -------------------- ------------------- ------------------ (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) |
Registrant's telephone number, including area code: (250) 477-9969
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR 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-14c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (ss.203.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (ss.204.12b-2 of this chapter.
Emerging growth company [ ]
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. [ ]
Item 1.01 Entry into a Material Definitive Agreement
See Item 2.01 of this report.
Item 2.01 Completion of Acquisition or Disposition of Assets
On January 14, 2019 the Company acquired a 50% interest in a privately held limited liability company (the "LLC") engaged in the international sale of fertilizer additives. The interest in the LLC was acquired from a third party which did not have, and does not have, any relationship with the Company or the Company's officers or directors.
The purchase price for the 50% interest in the LLC was $3.5 million. Cash of $1.00 million was paid at closing. The remaining $2.5 million will be paid over the next two years if the earnings of the LLC reach certain amounts.
The Company expects that its investment in the LLC will be accounted for under the equity method, and a as result, beginning in the first quarter of 2019, 50% of the net income of the LLC will be recorded in the Company's statements of operations.
In addition, the Company's subsidiary, NanoChem, will be manufacturing products for the LLC. As a result of the foregoing, the Company expects that its revenues will increase significantly in 2019.
On January 18, 2019 the Company issued a press release, filed as Exhibit 99 with this report, describing the acquisition.
Item 9.01 Financial Statements and Exhibits Exhibit Description 99 Press release |
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.
Date: January 18, 2019
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
By: /s/ Daniel B. O'Brien -------------------------------------- Daniel B. O'Brien, President and Chief Executive Officer |
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