---
schema_version: "secwatch.filing_event.v1"
accession: "0001477932-24-002683"
form_type: "8-K"
ticker: null
cik: "0001683252"
company_name: "TOKEN COMMUNITIES LTD."
filed_at: "2024-05-10T23:59:59+00:00"
generated_at: "2026-06-02T03:53:39.289858+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Token Communities acquires ASC Global for $5M promissory note to company President

## Summary
- Acquired all ASC Global shares for $5M promissory note bearing 4% interest, due May 10, 2027.
- Seller is David Chen, also President of Token Communities, creating a related-party transaction.
- No cash exchanged; consideration entirely in promissory note form.
- ASC Global becomes wholly-owned subsidiary of Token Communities.
- TKCM notes its financial statements are being restated, which may affect historical data.

## SEC filing metadata
- accession: 0001477932-24-002683
- form_type: 8-K
- cik: 0001683252
- company_name: TOKEN COMMUNITIES LTD.
- filed_at: 2024-05-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1683252/000147793224002683/0001477932-24-002683-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1683252/000147793224002683/tkcm_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001477932-24-002683
- JSON: https://secwatch.observer/filing/0001477932-24-002683.json
- Plain text: https://secwatch.observer/filing/0001477932-24-002683.txt

## Key facts
- Debt Financings
  TOKEN COMMUNITIES LTD. incurred loan of Five Million Dollars with David Chen at four percent per annum maturing May 10, 2027.
  - Instrument: loan
  - Principal: Five Million Dollars
  - Counterparty: David Chen
  - Rate: four percent per annum
  - Maturity: May 10, 2027
  - Event: incurrence
  source text: whereby the Company acquired all of the issued and outstanding shares of common stock of ASC Global in exchange for the issuance of a promissory note by the Company to the shareholder (David Chen, President of the Company) of ASC Global in the principal amount of Five Million Dollars (the “Promissory Note”). The Promissory Note bears interest at the rate of four percent per annum and provides that all outstanding principal of and accrued but unpaid interest thereon shall be paid in full on or before May 10, 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/1683252/000147793224002683/0001477932-24-002683-index.htm
- M&A Transactions
  TOKEN COMMUNITIES LTD. completed an acquisition involving ASC Global Inc. (closed 2024-05-10).
  - Action: acquisition
  - Counterparty: ASC Global Inc.
  - Closing: 2024-05-10
  source text: the Company acquired all of the issued and outstanding shares of common stock of ASC Global in exchange for the issuance of a promissory note
  evidence_url: https://www.sec.gov/Archives/edgar/data/1683252/000147793224002683/0001477932-24-002683-index.htm
- Material Agreements
  TOKEN COMMUNITIES LTD. entered into Agreement with ASC Global Inc. valued at Five Million Dollars (effective 2024-05-10).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: ASC Global Inc.
  - Value: Five Million Dollars
  - Effective: 2024-05-10
  source text: On May 10, 2024 Token Communities Ltd. (the “Company”) entered into an agreement (the “Agreement”) with ASC Global Inc. (“ASC Global), whereby the Company acquired all of the issued and outstanding shares of common stock of ASC Global in exchange for the issuance of a promissory note by the Company to the shareholder (David Chen, President of the Company) of ASC Global in the principal amount of Five Million Dollars (the “Promissory Note”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1683252/000147793224002683/0001477932-24-002683-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.