Item 1.03
Bankruptcy or Receivership
As previously reported, on June 18, 2020 the Company filed a voluntary petition
for reorganization under Chapter 11 of the Federal Bankruptcy Code in the United
States Bankruptcy Court for the Central District of California ("Bankruptcy
Court"), case no. 2:20-bk-15501-ER. On January 21, 2021, the Bankruptcy Court
converted the Chapter 11 bankruptcy reorganization to a Chapter 7 liquidation.
During the proceedings, the Bankruptcy Court took jurisdiction over the
Company's operations effective June 18, 2020. After the bankruptcy case was
converted to Chapter 7, the Bankruptcy Court replaced the Company's management,
who had been operating the Company as debtor in possession, with a Chapter 7
bankruptcy trustee.
Item 2.01
Completion of Acquisition or Disposition of Assets
On March 3, 2021, in connection with the Company's bankruptcy proceedings, the
Bankruptcy Court approved the sale of the Company's assets related to the
Company's operation of an online web platform providing in-language (Mandarin)
financial information regarding U.S. stocks and investments, including its
customer subscriber list, intellectual property, and related assets for
$250,000.00 (the "Sale"). The Sale closed on March 3, 2021.
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