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B2Digital, Inc. – ‘10-Q’ for 12/31/21 – ‘EX-10.2’

On:  Monday, 2/14/22, at 4:28pm ET   ·   For:  12/31/21   ·   Accession #:  1683168-22-996   ·   File #:  0-11882

Previous ‘10-Q’:  ‘10-Q’ on 11/15/21 for 9/30/21   ·   Next:  ‘10-Q/A’ on 2/16/22 for 12/31/21   ·   Latest:  ‘10-Q’ on 2/21/23 for 12/31/22   ·   2 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/14/22  B2Digital, Inc.                   10-Q       12/31/21   73:6M                                     GlobalOne Filings Inc/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.17M 
 2: EX-10.1     Business Purchase Agreement and Management          HTML     77K 
                Services Agreement Termination Agreement                         
 3: EX-10.2     Common Stock Repurchase Agreement                   HTML     35K 
 4: EX-10.3     Common Stock Repurchase Agreement                   HTML     34K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
12: R1          Cover                                               HTML     68K 
13: R2          Consolidated Balance Sheets (Unaudited)             HTML    120K 
14: R3          Consolidated Balance Sheets (Unaudited)             HTML     43K 
                (Parenthetical)                                                  
15: R4          Consolidated Statements of Operations (Unaudited)   HTML     91K 
16: R5          Consolidated Statement of Changes in Stockholders   HTML    101K 
                Deficit (Unaudited)                                              
17: R6          Consolidated Statements of Cash Flows (Unaudited)   HTML    119K 
18: R7          Consolidated Statements of Cash Flows (Unaudited)   HTML     21K 
                (Parenthetical)                                                  
19: R8          Organization and Nature of Business                 HTML     26K 
20: R9          Accounting Policies                                 HTML     52K 
21: R10         Going Concern                                       HTML     24K 
22: R11         Revenue                                             HTML     36K 
23: R12         Property and Equipment                              HTML     38K 
24: R13         Intangible Assets                                   HTML     34K 
25: R14         Business Acquisitions                               HTML     29K 
26: R15         Notes Payable                                       HTML     39K 
27: R16         Convertible Note Payable                            HTML    184K 
28: R17         Derivative Financial Instruments                    HTML     52K 
29: R18         Equity                                              HTML     81K 
30: R19         Leases                                              HTML     84K 
31: R20         Commitments and Contingencies                       HTML     26K 
32: R21         Subsequent Events                                   HTML     26K 
33: R22         Accounting Policies (Policies)                      HTML     82K 
34: R23         Accounting Policies (Tables)                        HTML     28K 
35: R24         Revenue (Tables)                                    HTML     32K 
36: R25         Property and Equipment (Tables)                     HTML     36K 
37: R26         Intangible Assets (Tables)                          HTML     35K 
38: R27         Business Acquisitions (Tables)                      HTML     26K 
39: R28         Notes Payable (Tables)                              HTML     35K 
40: R29         Convertible Note Payable (Tables)                   HTML    179K 
41: R30         Derivative Financial Instruments (Tables)           HTML     54K 
42: R31         Leases (Tables)                                     HTML     74K 
43: R32         Accounting Policies (Details)                       HTML     51K 
44: R33         Accounting Policies (Details Narrative)             HTML     37K 
45: R34         Going Concern (Details Narrative)                   HTML     46K 
46: R35         Revenue (Details - Net sales by revenue type)       HTML     29K 
47: R36         Property and Equipment (Details)                    HTML     49K 
48: R37         Property and Equipment (Details Narrative)          HTML     21K 
49: R38         Intangible Assets (Details - Intangible assets,     HTML     33K 
                net)                                                             
50: R39         Intangible Assets (Details - Estimated              HTML     31K 
                amortization expense)                                            
51: R40         Intangible Assets (Details Narrative)               HTML     22K 
52: R41         Business Acquisitions (Details - allocation of      HTML     33K 
                purchase)                                                        
53: R42         Business Acquisitions (Details Narrative)           HTML     31K 
54: R43         Notes Payable (Details)                             HTML     46K 
55: R44         Notes Payable (Details Narrative)                   HTML     46K 
56: R45         Schedule of Convertible Notes Payable (Details)     HTML    149K 
57: R46         Convertible Notes Payable (Details - Amortization   HTML    118K 
                expense, interest expense and accrued interest)                  
58: R47         Convertible Note Payable (Details Narrative)        HTML     39K 
59: R48         Derivative Financial Instruments (Details -         HTML     30K 
                Derivative liabilities)                                          
60: R49         Derivative Financial Instruments (Details -         HTML     31K 
                Significant inputs)                                              
61: R50         Derivative Financial Instruments (Details - Change  HTML     30K 
                in fair value)                                                   
62: R51         Equity (Details Narrative)                          HTML    187K 
63: R52         Leases (Details - Right-of-use asset)               HTML     39K 
64: R53         Leases (Details - Operating lease liability)        HTML     38K 
65: R54         Leases (Details - Maturity lease liability)         HTML     58K 
66: R55         Leases (Details Narrative)                          HTML     41K 
67: R56         Commitments and Contingencies (Details Narrative)   HTML     22K 
68: R57         Subsequent Events (Details Narrative)               HTML     23K 
71: XML         IDEA XML File -- Filing Summary                      XML    127K 
69: XML         XBRL Instance -- b2digital_i10q-123121_htm           XML   1.66M 
70: EXCEL       IDEA Workbook of Financial Reports                  XLSX     88K 
 8: EX-101.CAL  XBRL Calculations -- btdg-20211231_cal               XML    166K 
 9: EX-101.DEF  XBRL Definitions -- btdg-20211231_def                XML    541K 
10: EX-101.LAB  XBRL Labels -- btdg-20211231_lab                     XML    811K 
11: EX-101.PRE  XBRL Presentations -- btdg-20211231_pre              XML    730K 
 7: EX-101.SCH  XBRL Schema -- btdg-20211231                         XSD    158K 
72: JSON        XBRL Instance as JSON Data -- MetaLinks              319±   412K 
73: ZIP         XBRL Zipped Folder -- 0001683168-22-000996-xbrl      Zip    156K 


‘EX-10.2’   —   Common Stock Repurchase Agreement


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



Exhibit 10.2

 

COMMON STOCK REPURCHASE AGREEMENT

 

THIS COMMON STOCK REPURCHASE AGREEMENT (the “Agreement”) is entered into as of October 11, 2021 by and between B2Digital, Incorporated, a Delaware corporation (the “Company”), and Go Value Networks (the “Stockholder”).

 

RECITALS

 

WHEREAS, the Stockholder is the holder of 10,000,000 shares of the Company’s common stock represented by share certificate 10118 (the “Shares”); and

 

WHEREAS, the Stockholder desires to sell, and the Company desires to repurchase, the Shares on the terms and subject to the conditions set forth in this Agreement (the “Repurchase”).

 

NOW, THEREFORE, in consideration of the promises, covenants and agreements herein contained, the parties agree as follows:

 

AGREEMENT

 

SECTION 1. REPURCHASE OF SHARES.

 

1.1                Repurchase. At the Closing (as defined below), the Company hereby agrees to repurchase from the Stockholder, and the Stockholder hereby agrees to sell, assign and transfer to the Company, all of the Stockholder’s right, title and interest in and to the Shares at the per Share price of $0.005, for an aggregate repurchase price of $50,000.00 (the “Repurchase Amount”). Upon the execution of this Agreement, the Stockholder shall execute an Assignment Separate from Certificate, in the form attached hereto as Exhibit A (the “Stock Assignment”), and at the Closing shall deliver the Stock Assignment and the stock certificate representing the Shares (or an affidavit of lost certificate in lieu of the stock certificate representing the Shares). Upon consummation of this Agreement, the Company shall cancel such stock certificates. The Repurchase Amount shall be paid by cash, check or wire transfer of immediately available funds to an account or accounts to be designated by the Stockholder.

 

1.2                Closing. The closing of the Repurchase (the “Closing”) shall take place at the offices of the Company, 4522 West Village Drive, Tampa, FL 33624 on the date hereof, or at such other time and place as the parties hereto shall mutually agree.

 

1.3                Termination of Rights as the Stockholder. Upon payment of the Repurchase Amount, the Shares shall cease to be outstanding for any and all purposes, and the Stockholder shall no longer have any rights as a holder of the Shares, including any rights that the Stockholder may have had under the Company’s Certificate of Incorporation or otherwise.

 

1.4                Withholding Rights. The Company shall be entitled to deduct and withhold from the Repurchase Amount such amounts as it may be required to deduct and withhold with respect to the making of such payment under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law. To the extent that amounts are so withheld by the Company, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Stockholder.

 

SECTION 2. REPRESENTATIONS AND WARRANTIES.

 

In connection with the transactions provided for hereby, the Stockholder represents and warrants to the Company as follows:

 

2.1                Ownership of Shares. The Stockholder has good and marketable right, title and interest (legal and beneficial) in and to all of the Shares, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind. Upon paying for the Shares in accordance with this Agreement, the Company will acquire good and marketable title to the Shares, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind.

 

 

 

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2.2                Authorization. The Stockholder has all necessary power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and all agreements, instruments and documents contemplated hereby and to sell and deliver the Shares being sold hereunder, and this Agreement constitutes a valid and binding obligation of the Stockholder.

 

2.3                No Conflict. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not result in a breach by the Stockholder of, or constitute a default by the Stockholder under, any agreement, instrument, decree, judgment or order to which the Stockholder is a party or by which the Stockholder may be bound.

 

2.4                Experience and Evaluation. By reason of the Stockholder’s business or financial experience or the business or financial experience of the Stockholder’s professional advisers who are unaffiliated with the Company and who are not compensated by the Company, the Stockholder has the capacity to protect the Stockholder’s own interests in connection with the sale of the Shares to the Company. The Stockholder is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares.

 

2.5                Access to Information. The Stockholder has received all of the information that the Stockholder considers necessary or appropriate for deciding whether to sell the Shares hereunder and perform the other transactions contemplated hereby. The Stockholder further represents that the Stockholder has had an opportunity to ask questions and receive answers from the Company regarding the business, properties, prospects and financial condition of the Company and to seek from the Company such additional information as the Stockholder has deemed necessary to verify the accuracy of any such information furnished or otherwise made available to the Stockholder by or on behalf of the Company.

 

2.6                No Future Participation. The Stockholder acknowledges that the Stockholder will have no future participation in any Company gains, losses, profits or distributions with respect to the Shares. If the Shares increase in value by any means, or if the Company’s equity becomes freely tradable and increases in value, the Stockholder acknowledges that the Stockholder is voluntarily forfeiting any opportunity to share in any resulting increase in value from the Shares.

 

2.7                Tax Matters. The Stockholder has had an opportunity to review with the Stockholder’s tax advisers the federal, state, local and foreign tax consequences of the Repurchase and the transactions contemplated by this Agreement. The Stockholder is relying solely on such advisers and not on any statements or representations of the Company or any of its agents. The Stockholder understands that the Stockholder (and not the Company) shall be responsible for the Stockholder’s tax liability and any related interest and penalties that may arise as a result of the transactions contemplated by this Agreement.

 

SECTION 3. SUCCESSORS AND ASSIGNS.

 

Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

SECTION 4. GOVERNING LAW.

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, except the choice-of-law provisions thereof.

 

SECTION 5. ENTIRE AGREEMENT.

 

This Agreement contains the entire understanding of the parties, and there are no further or other agreements or understandings, written or oral, in effect between the parties relating to the subject matter hereof, except as expressly referred to herein.

 

 

 

 

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SECTION 6. AMENDMENTS AND WAIVERS.

 

Any term of this Agreement may be amended, and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Stockholder and the Company.

 

SECTION 7. FURTHER ACTION.

 

Each party hereto agrees to execute any additional documents and to take any further action as may be necessary or desirable in order to implement the transactions contemplated by this Agreement.

 

SECTION 8. SURVIVAL.

 

The representations and warranties herein shall survive the Closing.

 

SECTION 9. SEVERABILITY.

 

Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 

SECTION 10. NOTICES.

 

All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile, if sent during normal business hours of the recipient or, if not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 10).

 

SECTION 11. COUNTERPARTS.

 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

 

 

 

 

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IN WITNESS WHEREOF, each of the parties has executed this Stock Repurchase Agreement as of the day and year first above written.

 

  COMPANY:
   
  B2Digital, Incorporated
     
  By

 /s/ Greg P. Bell

  Name: Greg P. Bell
  Title: Chief Executive Officer

 

  STOCKHOLDER:
   
  Go Value Networks
   
 

/s/ Ronald McKay

  Name: Ronald McKay
  Title: CEO
   
 

Address: 215 SE 8th Ave. Unit 760

Fort Lauderdale, FL 33301

 

 

 

 

 

 

 

 

 

 

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ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED, the Stockholder hereby sells, assigns and transfers unto B2Digital, Incorporated (the “Company”) 10,000,000 shares of the Company’s common stock standing in the Stockholder’s name on the books of the Company and represented by Certificate Number 10118 herewith and does hereby irrevocably constitutes and appoints B2Digital, Incorporated, to transfer such stock on the books of the Company with full power of substitution in the premises.

 

Dated:  

10/11/21

 

 

  STOCKHOLDER
   
  Go Value Networks
   
  /s/ Ronald McKay
  Name: Ronald McKay
  Title: CEO

 

This Assignment Separate from Certificate was executed pursuant to the terms of that certain Stock Repurchase Agreement by and between B2Digital, Incorporated and the Stockholder dated October 11, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:2/14/22
For Period end:12/31/2110-Q/A
10/11/218-K
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/28/22  B2Digital, Inc.                   10-K        3/31/22   75:7.3M                                   GlobalOne Filings Inc/FA
 2/16/22  B2Digital, Inc.                   10-Q/A     12/31/21   70:5.9M                                   GlobalOne Filings Inc/FA
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Filing Submission 0001683168-22-000996   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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