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Form 8-K for SURNA INC.

13-Jan-2015

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into a Material Definitive Agreement.On January 12, 2015, Surna, Inc. (the “Company”) entered into two agreements for professional services with CWNevada, LLC (“CWNevada”). Pursuant to the agreements, the Company agreed to provide and install a water chilled cooling system for the purpose of maintaining an ambient temperature of 78 degrees in two indoor cannabis cultivation facilities. In exchange for the Company’s provision of services pursuant to the agreements, CWNevada agreed to pay the Company an aggregate of $1,061,744. Absent alternative agreement, a down payment of 50% of the aggregate payment is due one month prior to installation or when agreed (whichever is later). Three days after commencement, an additional 25% of the aggregate payment is due, and the remaining 25% is due 21 days following completion of the installation. If cancellation occurs anytime between the initial down payment and the installation date, the Company retains 50% of the down payment. In the event of termination, the Company is entitled to compensation for services performed or subject to the terms and conditions contained in the agreements. Pursuant to the terms of the agreements, the Company was granted a security interest on any and all installed fixtures and materials until payment for services has been received in full.

The foregoing description of the agreements is qualified in its entirety by reference to the agreements, which are filed as Exhibits 10.1 and 10.2 hereto, respectively, and incorporated herein by reference. The Company issued a press release related to the Company’s entry into the agreements. The press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.(d) Exhibits.

Exhibit No.   Description of Exhibit

   10.1       Agreement for Professional Services by and between Surna, Inc. and
              CWNevada, LLC dated as of January 12, 2015.
   10.2       Agreement for Professional Services by and between Surna, Inc. and
              CWNevada, LLC dated as of January 12, 2015.
   99.1       Press release dated January 12, 2015.

 


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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