Swartz Agreements
posted on
Mar 14, 2011 05:34PM
For anyone who cares to review the various agreements with Swartz, below are some links to those documents. If you find anything that raises any red flags, backed by evidence, please let us know and let the SEC know as well.
8-K (Filed: 17-06-1997) Original Swartz Agreement
http://app.quotemedia.com/quotetools/showFilingOutline.go?webmasterId=90914&symbol=PTSC&name=PATRIOT SCIENTIFIC CORP: 8-K&link=http%3A//quotemedia.10kwizard.com/contents.xml%3Fipage%3D403836&cp=on
8-K (Filed: 15-06-2005) From Master Agreement See sub doc 5 for agreement with Swartz
http://app.quotemedia.com/quotetools/showFilingOutline.go?webmasterId=90914&symbol=PTSC&name=PATRIOT SCIENTIFIC CORP: 8-K&link=http%3A//quotemedia.10kwizard.com/contents.xml%3Fipage%3D3525288&cp=on
8-K (Filed: 17-02-2006) Material Agreement with Swartz
http://app.quotemedia.com/quotetools/showFilingOutline.go?webmasterId=90914&symbol=PTSC&name=PATRIOT SCIENTIFIC CORP: 8-K&link=http%3A//quotemedia.10kwizard.com/contents.xml%3Fipage%3D3979737&cp=on
8-K (Filed: 17-03-2006)
Item 3.02 Unregistered Sale of Equity Securities.
On February 23, 2006, the Company issued 20,877,430 shares of its Common Stock to Swartz Private Equity, LLC. The issuance occurred as a consequence of the conversion by Swartz Private Equity, LLC of $109,842 of accrued interest on, and the principal amount of, a $723,167 debenture issued by the Company to Swartz Private Equity, LLC on March 23, 2004. The conversion was made in accordance with the terms of the debenture. The Company relied on Section 4(2) of the Securities Act (the “Act”) for an exemption from the registration requirements of the Act with regard to this issuance.
8-K (Filed: 13-09-2006)
ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED
AUDIT REPORT OR COMPLETED INTERIM REVIEW.
On September 8, 2006, the Company reached a determination that the prior
accounting treatment of (i) our previously outstanding non-conventional
convertible notes which allowed note holders to convert the notes payable into
shares of our common stock at prices that were variable and potentially based
upon several factors including the market price of our common stock at the time
of conversion, and (ii) our accounting treatment of our interest in Phoenix
Digital Solutions, LLC should be reassessed. The Company has also determined
that the adjustments required as a result of our reassessments are material to
certain of our previously issued financial statements and, therefore, will
require us to restate our financial statements for the year ended May 31, 2005,
and restate our quarterly reports for the quarters ended August 31, 2005,
November 30, 2005 and February 28, 2006.
8-K (Filed: 25-07-2007)
Item 8.01 Other Events.
On July 24, 2007, Patriot Scientific Corporation (the “Company”) issued a press release announcing its intention to repurchase all outstanding warrants for its common stock held by Lincoln Ventures, LLC. A copy of the press release is attached hereto as Exhibit 99.1.
The Company expressly disclaims any obligation to update this press release and cautions that it is only accurate on the date it was presented. The inclusion of any data or statements in this press release does not signify that the information is considered material.