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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): November 14, 2000
FINANCIALWEB.COM, INC
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(Exact name of registrant as specified in its Charter)
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<S> <C> <C>
Nevada 000-25799 93-1202428
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(State or other jurisdiction of (Commission File No.) (IRS Employer Identification No.)
incorporation or organization)
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201 Park Place, Suite 321
Altamonte Springs, Florida 32701
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(Address of principal executive offices including zip code)
(407) 834-4443
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(Registrant's telephone number, including area code)
Item 2. Acquisition or Disposition of Assets.
On September 25, 2000 and October 2, 2000, FinancialWeb.com, Inc. (the
"Company") issued to Financial Resources, LC ("Financial Resources") a secured
promissory note in the principal amount of $160,000 and $140,000, respectively
(collectively, the "Loans") due 21 days from each respective issuance date and
were secured by substantially all of the assets of the Company. The Company
issued the Loans to fund on-going operations on a short-term basis while the
Board of Directors and management sought to raise additional capital or explore
other strategic alternatives including a reorganization under Chapter 11 of the
Bankruptcy Code.
Upon demand for payment and the Company's inability to pay the Loans, on or
about November 14, 2000, substantially all of the operating and intangible
assets of the Company, including furniture, equipment, computer software, the
FinancialWeb.com domain name, brand name, databases, customer lists, trademarks
and all intellectual property, were foreclosed upon by Financial Resources and
sold by Financial Resources to 123Jump.com for a total cash purchase price of
approximately $645,000. The Company received approximately $252,000 from
Financial Resources which represented the balance of the purchase price that
exceeded the obligations pursuant to the Loans. The Company will use such
proceeds to repay certain obligations of its employees and to repay, in part,
the obligations of the Company's trade creditors. The proceeds are expected to
be insufficient to permit any disbursement to the preferred or common
stockholders of the Company.
Item 5. Other Events.
As discussed in the Company's Form 10-KSB for the year ended December 31,
1999 filed on June 2, 2000, Form 10-QSB for the quarter's ending March 31, and
June 30, 2000 filed on June 13, 2000 and August 21, 2000, respectively and Form
8-K filed on October 16, 2000, the Company has faced serious liquidity problems
and, accordingly, has been attempting to raise additional capital and has
pursued other strategic alternatives. Due to its inability to fund continuing
operations or find a third party to buy the Company, the Company ceased all
operations, let go all of its remaining
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employees and management and all of the members of the Board of Directors
resigned. A press release is attached hereto and incorporated herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibits are filed as part of this Current
Report:
99.1 Form of Loan and Security Agreement and Term Note.
99.2 Press Release dated November 14, 2000.
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.
Dated: November 14, 2000 FINANCIALWEB.COM, INC.
By: /s/Lysle Wickersham
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President
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EXHIBIT INDEX
99.1 Form of Loan and Security Agreement and Term Note.
99.2 Press Release dated November 14, 2000.
