Monster Arts, Inc. (OTC Pink: APPZ) is engaged within the research, development, testing, and deployment of smart device GPS and high-tech location tracking software for the drone and UAV industry. Shares of the drone software developer are skyrocketed 9,900% on Tuesday, January 2, 2018. Over the past month, Monster Arts, Inc. has seen average daily volume of 149.69 million shares. However, volume of 369.22 million shares or dollar volume of $36,922, has exchanged hands through afternoon trading on Tuesday.
Shares of Monster Arts, Inc. are skyrocketing today, after the company filed and 8-K form detailing of executing an asset purchase agreement with Flight Time Aviation Group, Inc., a Canadian company. In the agreement, Monster Arts, Inc. will acquire all of the assets related to Flight Time’s cloud aviation apps and software, which is branded under “CaminoAero.” Monster Arts, Inc. will pay $220,000 in total, which includes a one-time cash payment of $20,000 and a convertible promissory note for the remaining $200,000. Here is part of the 8-K detailing of the agreement:
Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Asset Purchase Agreement and Convertible Note
On December 29, 2017, Monster Arts, Inc., a Nevada corporation (the “Company”) and Flight Time Aviation Group, Inc. an Albert Canada corporation (“Flight Time”), executed an Asset Purchase Agreement (“APA”) whereby the Company acquired all of the assets associated and related to Flight Time’s cloud-based aviation application and software branded as CaminoAero (the “Acquisition”). More information regarding CaminoAero can be found on their website at www.CamineAero.com.
The Acquisition had a purchase price of $220,000 (the “Purchase Price”) consisting of a one-time cash payment in the amount of $20,000 USD (the “Cash Payment”) and a convertible promissory note in the amount of $200,000 USD (the “Note”). The Note has been issued to Flight Time upon the signing of the APA and the Company has until February 15, 2018 to make the Cash Payment. The APA contains customary representations, warranties and covenants by, among and for the benefit of the parties
The Note matures on December 29, 2018 and accrues interest at the rate of eight percent (8%) per annum and may be prepaid in whole or in part, at any time and from time to time, without premium or penalty. The Note shall be convertible into shares of the Company’s common stock from time to time if not paid on or before the maturity date, at Flight Time’s sole option, upon five (5) days written notice to the Company of Flight Time’s desire to convert such Note into shares of common stock at the rate of 50% of the five-day average closing price that is immediately prior to the day the notice is delivered to the Company.
Here is the link to the full 8-K form: https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12453499