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: October 2003
Accesspoint Corporation
(Exact name of registrant as specified in its charter)
Nevada 000-29217 95-4721385
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification)
incorporation)
6171 W. Century Blvd. Suite 200 LA, CA 90045
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 846-2500
Not Applicable
(Former name or former address, if changed since last report.)
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Item 1. Changes in Control of Registrant
None.
Item 2. Acquisition or Disposition of Assets
None.
Item 3. Bankruptcy or Receivership
None.
Item 4. Changes in Accountants
None.
Item 5. Other Events and Regulation FD Disclosure
In settlement discussions that concluded October 3, 2003, the registrant settled
that certain lawsuit known as Mulder v. Accesspoint Corporation, which arose out
of a dispute over a contract whereby the registrant agreed to purchase the
assets and stock of Black Sun Graphics, Inc. The lawsuit sought to recover
damages of $440,000 for alleged breach of the contract for failure to fulfill
all the terms of the purchase agreement. While the registrant vigorously
contends that the lawsuit was without merit, the expense of litigating the
matter exceeded the cost of the settlement.
While not all terms of the settlement can be disclosed, the registrant will
record other income in the form of a gain on the forgiveness of debt, in the
amount of $55,000 in the quarter ended September 30, 2003. The registrant
previously accrued a liability in the amount of $100,000 for the potential of an
adverse outcome of the lawsuit. The settlement also calls for the payment of all
outstanding IRS obligations of Black Sun Graphics for the year 2002. The
settlement also calls for a mutual release on both parties of all and any
current or contemplated actions arising from their business relationship.
Item 6. Resignation of Directors
None.
Item 7. Financial Statements Pro Forma Financial & Exhibits
None.
Item 8. Changes In Fiscal Year
None.
Item 9. Regulation FD Disclosures
See Items 1, 5 and 6, above.
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 thereunto duly authorized.
Date: October 23, 2003 Accesspoint Corporation
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By:
S/s William R. Barber
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William R. Barber
President
A. EXHIBITS
None.