Solar Energy Initiatives, Inc. (OTCPK:SNRY) agreed to acquire House Bar & Grill from Novation Holdings, Inc. (OTCPK:NOHO) on April 19, 2013. The acquisition was in exchange for a combination of Solar Energy Initiative's common stock and a convertible preferred stock with voting power equal to 51% of all voting stock of Solar Energy Initiative issued to Novation Holdings, Inc., parent of House Bar & Grill. Solar Energy Initiatives issued 3 million common stock and 1 million series A convertible preferred shares to Novation Holdings, Inc. as the remaining consideration for the acquisition of HB&G, Inc. In addition, Solar Energy Initiative assumed responsibility for $0.16 million in an outstanding promissory note issued in February 2012 to the landlord of House Bar & Grill for leasehold improvements and issued a new note in the amount of $0.07 million for unpaid rent for House Bar & Grill. The original $0.16 million note was restated as three separate convertible notes in the amounts of $0.05 million, $0.06 million and $0.05 million due July 5, 2013, July 5, 2013 and September 20, 2013, respectively. One of the new notes, due on July 5, 2013 in the amount of $0.06 million was paid on July 2, 2013 by sale and restatement of the note to LG Capital, Inc. As part of that transaction, LG Capital, Inc. paid the landlord directly and Solar Energy Initiative issued a new note dated July 1, 2012 for $0.06 million due April 1, 2014 and convertible at 50% of the three lowest trading prices during the ten day trading period before the notice of a conversion.

Solar Energy Initiatives, Inc. (OTCPK:SNRY) completed the acquisition of House Bar & Grill from Novation Holdings, Inc. (OTCPK:NOHO) on June 20, 2013


Solar Energy Initiatives, Inc. (OTCPK:SNRY) cancelled the acquisition of House Bar & Grill from Novation Holdings, Inc. (OTCPK:NOHO) on October 15, 2013. On October 15, 2013, the acquisition was rescinded and NOHO has returned the common and preferred stock acquired in the transaction