Cuentas Inc. Terminates Material Definitive Agreement
Ticker: CUENW · Form: 8-K · Filed: Jul 12, 2024 · CIK: 1424657
| Field | Detail |
|---|---|
| Company | Cuentas INC. (CUENW) |
| Form Type | 8-K |
| Filed Date | Jul 12, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $5.05 Million, $7.2 Million, $2 million, $65k |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, filing-update
Related Tickers: CUEN
TL;DR
CUEN terminated a big deal on 6/17, filing today.
AI Summary
Cuentas Inc. reported the termination of a material definitive agreement on June 17, 2024. The company, formerly known as NEXT GROUP HOLDINGS, INC., filed this 8-K on July 12, 2024, detailing this event. The filing also includes financial statements and exhibits.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement introduces uncertainty regarding the company's business relationships and financial projections.
Key Players & Entities
- Cuentas Inc. (company) — Registrant
- NEXT GROUP HOLDINGS, INC. (company) — Former company name
- June 17, 2024 (date) — Date of earliest event reported
- July 12, 2024 (date) — Filing date
FAQ
What was the specific material definitive agreement that Cuentas Inc. terminated?
The filing does not specify the exact nature or counterparty of the terminated material definitive agreement.
When did the termination of the material definitive agreement become effective?
The earliest event reported, which is the termination of the material definitive agreement, occurred on June 17, 2024.
What are the implications of this termination for Cuentas Inc.'s financial statements?
The filing indicates that financial statements and exhibits are included, but it does not detail the specific financial implications of the agreement's termination.
Has Cuentas Inc. undergone any name changes prior to its current name?
Yes, Cuentas Inc. was formerly known as NEXT GROUP HOLDINGS, INC., Pleasant Kids, Inc., and NYBD Holding, Inc.
What is the primary business of Cuentas Inc. according to its SIC code?
Cuentas Inc.'s Standard Industrial Classification (SIC) code is 5140, which corresponds to Wholesale - Groceries & Related Products.
Filing Stats: 698 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-07-12 16:08:59
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share CUEN The Nasdaq Stock Mar
- $5.05 Million — originally purchased April 28, 2023 for $5.05 Million and was under contract to be sold for $
- $7.2 Million — n and was under contract to be sold for $7.2 Million. Cuentas contributed $2 million to the
- $2 million — d for $7.2 Million. Cuentas contributed $2 million to the original purchase price and almo
- $65k — the original purchase price and almost $65k towards engineering expenses. The $3.05
- $3.05 million — $65k towards engineering expenses. The $3.05 million mortgage with Republic Bank of Chicago
- $3.055 million — ed and restated on January 27, 2024 for $3.055 million. Additionally, a $500,000 Loan Extensio
- $500,000 — 024 for $3.055 million. Additionally, a $500,000 Loan Extension Agreement was executed b
Filing Documents
- ea0209347-8k_cuentas.htm (8-K) — 32KB
- ea020934701ex10-1_cuentas.htm (EX-10.1) — 8KB
- ex10-1_001.jpg (GRAPHIC) — 17KB
- 0001213900-24-061035.txt ( ) — 278KB
- cuen-20240617.xsd (EX-101.SCH) — 4KB
- cuen-20240617_def.xml (EX-101.DEF) — 26KB
- cuen-20240617_lab.xml (EX-101.LAB) — 36KB
- cuen-20240617_pre.xml (EX-101.PRE) — 25KB
- ea0209347-8k_cuentas_htm.xml (XML) — 6KB
02 Termination of a Material Definitive
Item 1.02 Termination of a Material Definitive Agreement. On June 17, 2024, Cuentas, Inc. ("Cuentas") was advised that the Buyer of the "Brooksville Property" located at 19200 Cortez Boulevard, Brooksville, Florida 34601 was still interested to structure a deal to acquire the property and develop it but need additional time to complete this process. On June 19, 2024, Cuentas was advised by Brooksville Development Partners, LLC ("Company") that the contract for the sale of the "Brooksville Property" located at 19200 Cortez Boulevard, Brooksville, Florida 34601 was terminated by the Buyer on June 7, 2024 as this was the final date for return of their refundable escrow deposit. On July 11, 2024, Cuentas received definitive notice that the Buyer was no longer able to commit to purchase the property. The property was originally purchased April 28, 2023 for $5.05 Million and was under contract to be sold for $7.2 Million. Cuentas contributed $2 million to the original purchase price and almost $65k towards engineering expenses. The $3.05 million mortgage with Republic Bank of Chicago was amended and restated on January 27, 2024 for $3.055 million. Additionally, a $500,000 Loan Extension Agreement was executed between the Company and ALF Trust u/a/d 09/28/2023 to ensure the Promissory Note necessary to fund the interest reserve and fees relating to the Loan Extension Agreement and the working capital needs of the Company. Brooksville Development Partners, LLC ("Company") consists of Brooksville Development DE, LLC (the "Class A Member" with 30% Membership Interest), Cuentas Inc, (a "Class B Member" with 63% Membership Interest) and Brooksville FL Partners, LLC, (a "Class B Member" with 7% Membership Interest), collectively the "Members". Cuentas is not restricted at this time to offer the property to other potential buyers and/or developers.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Letter of Termination from Buyer to Company. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) 1 SIGNATURE 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. CUENTAS INC. Date: July 12, 2024 By: /s/ Shalom Arik Maimon Shalom Arik Maimon Chief Executive Officer 2