UNITED STATES 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): September 23, 2003
YOUTHSTREAM MEDIA NETWORKS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27556 13-4082185
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction Identification Number)
of incorporation)
244 Madison Avenue, PMB #358
New York, New York 10016
(Address of principal executive offices)
Registrant's telephone number, including area code: (212) 622-7300
Not applicable
(Former name or former address, if changed since last report.)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Effective September 23, 2003, YouthStream Media Networks, Inc., a Delaware
corporation (the "Company"), sold its interest in U.S. Patent No. 6,175,831
entitled "Method and apparatus for constructing a network database and system"
(the "Six Degrees Patent") and certain related intellectual property rights,
including computer source and object code files, software assets and other
digital assets, documentation and rights (the "Technology"), for a cash payment
of $700,000. The sales price was determined through an auction process involving
arm's-length qualified purchasers. The Company is not utilizing the Technology
in its current business operations.
The Six Degrees Patent was granted by the United States Patent and
Trademark Office on January 16, 2001, and provides a software platform for an
online service that, among other things, allows users to build relationship
networks.
The Technology was sold to Degrees of Connection LLC, a Delaware limited
liability company. Degrees of Connection LLC is unrelated to the Company or its
affiliates, or any of its officers or directors, or associates of its officers
or directors. Degrees of Connection LLC has advised the Company that it has more
than five members.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
a. Financial statements of businesses acquired: Not applicable.
b. Pro forma financial information:
No pro forma financial information has been provided, as the Company
terminated the operations of the sixdegrees.com web site and wrote off
the Technology in December 2000. Accordingly, the Technology has not
generated any revenues or expenses since such date.
c. Exhibits:
A list of exhibits required to be filed as part of this report is set
forth in the Index to Exhibits, which immediately precedes such
exhibits, and is incorporated herein by reference.
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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.
YOUTHSTREAM MEDIA NETWORKS, INC.
--------------------------------
(Registrant)
Date: October 7, 2003 By: /S/ ROBERT N. WEINGARTEN
-------------------------
Robert N. Weingarten
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit
NUMBER DESCRIPTION
2.1 Asset Purchase and Patent Assignment Agreement by and between
Degrees of Connection LLC and YouthStream Media Networks, Inc.
dated as of September 22, 2003.
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