Item 1.01. Entry into a Material Definitive Agreement
On March 10, 2023, the Company entered into an Amended Binding Letter of Intent
(the "Amended Letter Agreement"), effective as of December 31, 2022 (the
"Effective Date"), with its Co-Founder, Jaime Ortega ("Ortega") where the
Company agreed to sell 45.17% of its equity interest (the "PVI Interest") in
Pineapple Ventures, Inc. ("PVI"), in exchange for: (i) the purchase price of
twenty million (20,000,000) shares of the Company's common stock, $0.0000001 par
value per share (the "Common Stock") and (ii) the extinguishment of all of the
Company's debt to PVI and Neu-Ventures, Inc. ("NVI"), respectively, of which
both PVI and NVI are wholly owned by Ortega (the "Share Repurchase"). Following
the Share Repurchase, there are 71,163,569 shares of the Company's Common Stock,
issued and outstanding.
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information set forth under Item 1.01 "Entry into a Material Definitive
Agreement" is incorporated by reference into this Item 2.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibits Description
No
10.1 Amended Binding Letter of Intent, dated March 10, 2023, by and
between the Company and Jaime Ortega
104 Cover Page Interactive Data File (Embedded within the Inline XBRL
document and included in Exhibit)
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