UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 3.02 Unregistered Sales of Equity Securities.
On February 1, 2023, Network CN Inc. (“the Company”) agreed to issue 606,881 restricted shares of the Company’s common stock to the employee, Chen Zhu. On October 1, 2022, NCN (Ningbo) Culture Media Co., Ltd (“NCN Ningbo”), a wholly foreign-owned enterprise in Ningbo, China of the Company entered into an employment contract with Chen Zhu (“the employee”) under which the employee agreed to bring in the advertising rights in Ningbo to the Company and the Company will reward him for 606,881 shares of the Company’s common stock. Pursuant to the terms of employment contract, if the employee can achieve the annual sales and profit before tax goal in 2023 and 2024, the Company will issue bonus shares of 303,441 and 303,441 restricted shares of the Company’s common stock to the employee, respectively.
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: February 6, 2023
NETWORK CN INC. | ||
By: /s/ Earnest Leung | ||
Earnest Leung | ||
Chief Executive Officer |
Cover |
Feb. 01, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 01, 2023 |
Entity File Number | 000-30264 |
Entity Registrant Name | NETWORK CN INC. |
Entity Central Index Key | 0000934796 |
Entity Tax Identification Number | 90-0370486 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | Unit 705B, 7th Floor |
Entity Address, Address Line Two | New East Ocean Centre |
Entity Address, Address Line Three | 9 Science Museum Road |
Entity Address, City or Town | TST |
Entity Address, Country | HK |
Entity Address, Postal Zip Code | 00000 |
City Area Code | 852 |
Local Phone Number | 9625 0097 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | NWCN |
Entity Emerging Growth Company | false |