ACQUIRED SALES CORP. (OTCMKTS:AQSP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed in the Company’s Form 10-Q for the quarterly period ended June 30, 2019, on August 8, 2019, the Company made an unsecured $300,000 loan to Lion (the “Loan”) evidenced by a promissory note (the “Note”). The proceeds of the Loan are to be used by Lion exclusively for growth capital and not to be used to repay any related party debt of Lion nor to pay any increased salaries or bonuses to any of the executives of Lion. If the merger closes, then the Loan shall be extinguished, because post-closing of the merger, Lion and the Company will constitute the same entity. to the terms of the Note, if the merger does not close and the Merger Agreement is terminated, then the Loan shall be repaid by Lion to the Company in six equal monthly installments of principal, together with accrued interest at the rate of 6% per year, with the first such installment due and payable by Lion to the Company on the first day of the first calendar month following the termination of the Merger Agreement.
The foregoing description of the Loan and Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Note, which is attached as Exhibit 10.55 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.54Merger Agreement between Acquired Sales Corp., Gerard M. Jacobs, William C. “Jake” Jacobs and CBD Lion LLC and its owners
Exhibit 10.55Promissory Note in the amount of $300,000 dated August 8, 2019 executed by CBD Lion LLC in favor of Acquired Sales Corp .
Exhibit 99.1Press Release Dated August 19, 2019
ACQUIRED SALES CORP Exhibit
EX-10.54 2 aqsp_ex10z54.htm EXHIBIT 10.54 AGREEMENT AND PLAN OF MERGER By and Among ACQUIRED SALES CORP. GERARD M. JACOBS WILLIAM C. JACOBS and CBD LION LLC ERIK LUNDGREN KATIE NAUERT ANDREW STEPNIAK GARY LUNDGREN and GAYLE LUNDGREN Dated as of August 15,…
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About ACQUIRED SALES CORP. (OTCMKTS:AQSP)
Acquired Sales Corp. is a development-stage company. The Company does not have any industrial services sector operations. The Company is focused on acquiring, and in some cases developing, real estate in the United States, especially real estate that is being used as, or that may be developable as, indoor or outdoor sports facilities, self-storage facilities, manufactured housing communities, recreational vehicle (RV) parks, or apartments/hotels. The Company is also focused on the marijuana industry in the United States and also in Canada. The Company has not generated any revenue from continuing operations.
