Current Report Filing (8-k)
06 June 2017 - 10:31PM
Edgar (US Regulatory)
U.S.
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): June 5, 2017
Mobiquity Technologies,
Inc.
(Exact
name of registrant as specified in its charter)
New
York
(State
or jurisdiction of incorporation or organization)
000-51160
(Commission
File Number)
11-3427886
(I.R.S.
Employer Identification Number)
600
Old Country Road, Suite 541, Garden City, NY 11530
(Address
of principal executive offices (Zip Code)
Registrant's
telephone number: (516) 256-7766
(Former
name or former address, if changed since last report)
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 (see General Instruction A.2. below):
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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).
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
¨
SAFE
HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
Certain
statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the company to be materially different from any future results,
performances or achievements express or implied by such forward-looking statements. The forward-looking statements are subject
to risks and uncertainties including, without limitation, changes of competition, possible loss of customers, and the company’s
ability to attract and retain key personnel.
Item
5.07. Submission of Matters to a Vote of Security Holders
On
June 5, 2017, a Special Meeting of Stockholders was held to consider and vote upon the following proposal:
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1.
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To approve an amendment of the Company’s certificate of incorporation to increase the number of authorized shares of common stock from 500,000,000 shares, $.0001 par value to 900,000,000 shares, $.0001 par value.
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At
the Stockholder Meeting, each proposal passed. There were 142,007,154 shares present in person or by proxy. Proposal 1 passed by
a vote of 126,323,042 shares in favor, 15,673,609 shares against and 10,503 abstained from voting.
Item
8.01. Other Events
At
the Special Stockholder Meeting of June 5, 2017, Dean Julia, Chief Executive Officer, responded to questions of stockholders. The
questions and answers are provided below:
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Question:
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Please describe any progress the Company has made on the
technology side over the last quarter.
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Answer:
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We’ve actually made a lot of progress on the technology side. We had to scale our
backend platform to handle our increased active user base. We’re currently seeing approximately 20 million
unique devices, up from 9 million in January 2017, which is an increase of roughly 220%. We were also able to decrease
latency and increase processing efficiency for our big data services. A few other areas we made great strides were:
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A new and improved SDK, which increases the number of location sightings per device and decreases battery usage;
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A client facing online reporting system for overall traffic and visitation;
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A Places Database with approximately 1.5 million POI locations, utilizing polygonal geofences; and
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We built several API’s to simplify the delivery of our data to potential customers.
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Question:
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Has the Company been able generated revenue in each of
its new revenue streams?
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Answer:
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I’m happy to say that we have been able to generate
revenue in each area. We have signed several agreements, which give us re-occurring monthly revenue. The revenue has been growing month-over-month and we anticipate
that trend to continue.
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Question:
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When does the Company hope to turn the corner to profitability?
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Answer:
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As we all know, there are no guarantees, but we have been
working hard and making some good progress. Based on signed contracts and contracts in-hand, but not yet signed, we
anticipate being on a run-rate of breakeven to profitable by the end of Q3 or beginning Q4 2017.
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Item 9.01. Financial
Statements and Exhibits.
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Exhibit
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Description
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3.1
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Amendment to Certificate of Incorporation. (Filed herewith.)
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SIGNATURE
Pursuant
to the requirements of Section 13 or 15(b) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
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MOBIQUITY TECHNOLOGIES, INC.
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Dated: June 5, 2017
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By:
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/s/ Dean L. Julia
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Dean L. Julia, Co-Chief Executive Officer
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