APPLIED ENERGETICS, INC. (OTCMKTS:AERG) Files An 8-K Other Events
Item 8.01 – Other Events
On September 1, 2020, Applied Energetics, Inc. completed the repurchase of 5,000,000 shares of its common stock, par value $0.001 per share, from Stephen W. McCahon, the company’s Chief Scientist, for a purchase price of $0.06 per share or an aggregate of $300,000. This repurchase was required to the Consulting Agreement, dated as of May 24, 2019, by and between the company and SWM Consulting, LLC, a limited liability company wholly owned by Dr. McCahon, as part of the consideration for Dr. McCahon’s services as Chief Scientist.
About APPLIED ENERGETICS, INC. (OTCMKTS:AERG)
Applied Energetics, Inc. is a shell company. The Company focuses on reactivating its previous business activities. The Company was engaged in the design, development and manufacture of applied energy systems for military and commercial applications and ultra-short pulse lasers and high voltage lasers for commercial applications. The Company is seeking to sell or license its technology. The Company is focusing on developing ultra-short pulse lasers (UPS). It is preparing for the next stage of laser guided energy (LGE) development that involves the development of USP laser technologies. These lasers will allow for LGE weapon systems to be mounted on mobile platforms for multiple anti-terrorist missions, including counter measures against drones and other hostile inbound objects, counter-improvised explosive devices (C-IED) and vehicle stopping, among others.