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
19
Date
of Report (Date of earliest event reported) June 9,
2006
Commission
File Number 0-15949
BROADCASTER,
INC.
(Exact
name of registrant as specified in its charter)
|
California
|
94-2862863
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer identification No.)
|
|
100
Rowland Way, Novato, CA
|
94945
|
|
(Address
of principal executive offices)
|
(Zip
code)
|
(415)
878-4000
(Registrant's
telephone number including area code)
Item
2.01: Completion of Acquisition or Disposition of
Assets
On
June
9, 2006 Broadcaster, Inc. (formerly, International Microcomputer Software,
Inc.)
sold substantially all of the assets used in the operation of the segment
of our
business referred to as the Precision Design Software Business. The
assets were
sold to IMSI Design, LLC, a California limited liability company (the
"Purchaser") which was newly formed for the purpose of the acquisition.
In
consideration for the transfer of the assets, the Purchaser paid $6,500,000
in
cash, of which $500,000 was deposited in an escrow to back our representations
and warranties in the sale Agreement, and the Purchaser delivered its
promissory
note, due July 3, 2006, in the principal amount of $1,500,000. In addition,
the
Purchaser assumed certain liabilities, and agreed to perform a number
of
contracts that were associated with the Precision Design Software Business.
Item
8.01: Other Events.
On
June
12 our trading symbol, formerly "IMSI", was changed to "BCSR" reflecting
the
recent change in our name to Broadcaster, Inc. We continue to trade
under the
new symbol on the Over the Counter Bulletin Board.
Item
9: Financial Statements and Exhibits.
(b)
Pro Forma Financial Information:
The
pro
forma financial information required by this item will be filed by
an amendment
to this Current Report on Form 8-K as soon as practicable but no later
than 75
days after the closing of the transaction.
SIGNATURE
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.
BROADCASTER,
INC.
Dated:
June 14, 2006
By:
/s/ Martin Wade, II
Martin
Wade, III
Director
& Chief Executive Officer