Item 2.01. Completion of Acquisition or Disposition of Assets.
On March 17, 2022, pursuant to an Agreement for Purchase and Sale of Assets, the
Registrant completed the sale of its principal assets to ACL Group, Inc. These
assets had originally been acquired from ACL Group, Inc. on September 23, 2021
in exchange for the issuance by the Registrant of a Secured Promissory Note in
the amount of $300,000,000 to ACL Group, Inc. During the six-month period agreed
upon by the Parties, the management of the Registrant determined that the
cash-flow which would be obtained from the commercialization of these assets
would be insufficient to meet the debt service obligations. Accordingly, the
Parties agreed to the re-acquisition of the assets by ACL Group, Inc., and the
Secured Promissory Note issued by the Registrant, dated September 23, 2021, in
the principal amount of $300,000,000 plus accrued and unpaid interest was
satisfied and extinguished.
Item 9.01. Financial Statements and Exhibits.
Exhibits:
2.1 Agreement for Purchase and Sale of Assets dated March 17, 2022
104 Cover Page Interactive Data File (embedded within the inline XBRL
document)
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