UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
On Friday, March 31, 2023, Timothy A. Holly, d/b/a Timothy A. Holly and Associates ("Holly"), who is also a director of Tautachrome Inc., exchanged an Exclusive Capital Lease of Trade Secrets (the "Exclusive Capital Lease") of the PXR Tactical Platform and the PXR Strategic Platform trade secrets, having a fair economic value of $2,643,500,000, for five (5) shares of Perpetual Preferred Stock (the “Series I Preferred Stock”) from Tautachrome Inc. (the “Company”). It must be noted that the Series I Preferred Stock carries no rights to voting, conversion, coupons, or dividends. The Series I Preferred Stock, along with the Exclusive Capital Lease, are filed herewith as Exhibit 9.1. and 9.2., respectively.
For services rendered in adapting the PXR Tactical Platform and the PXR Strategic Platform to monetize the Company's intellectual properties and other business purposes, and pursuant to SEC Form S-8, the Company has determined to issue 2,000,000,000 shares of common stock to advisors and consultants.
The fair economic value determined for the above-described Exclusive Capital Lease of the PXR Tactical Platform and the PXR Strategic Platform together with the recently announced royalty-free El Dorado grant of an Exclusive Use-license appraised at more than $514.4 million have increased the Company's shareholders' equity to over $3.1 billion, for an approximate per share book value of $0.35. Should the intended reverse stock split occur, the per share book value should be approximately $17.50.
Considering the business plans for the Company’s already developed and recently obtained intellectual properties, the Board of Directors cannot foresee the need for any equity financing. Therefore, the Company presently intends to only seek short-term debt financing for any of its business purposes.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Certificate of Designations of the Registrant relating to Series I Preferred Stock | |
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| Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
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.
TAUTACHROME, INC. |
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Date: April 4, 2023 | By: | /s/ David LaMountain |
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| David LaMountain |
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| CEO |
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