CYBER APPS WORLD INC. (OTCMKTS:CYAP) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 Entry Into a Material Definitive Agreement
On December 1, 2020, we entered into an agreement with Limitless Projects Inc. (“Limitless”), a private Wyoming company, whereby we will acquire a 50% undivided interest in and to a ride-hailing and food delivery computer and mobile device application including, without limitation, the application, all software, the corresponding website domain, content, data, and all incorporated technology, known as WarpSpeed Taxi. However, all operational data and databases relating to the WarpSpeed Taxi application will be jointly owned by us and Limitless. However, Limitless cannot use the data for any purpose that competes directly or indirectly with our use and operation of the application for ride-hailing and food delivery.
In consideration of Limitless selling the WarpSpeed Taxi application to us, we agreed to:
(a) pay $10,000 to Limitless upon execution of the agreement;
(b) pay an additional $40,000 to Limitless upon its delivery of a working prototype of the WarpSpeed Taxi application to us in a form acceptable to us; and
(c) issuing a promissory note to Limitless for an amount equal to the estimation of value of the WarpSpeed Taxi application and our joint ownership interest in related data and databases based on an independent business valuation completed by a valuator who is accredited by the American Society of Appraisers and acceptable to both parties (the “Valuation”) less the $50,000 in cash payments noted above. In any event, the promissory note shall not be less than $50,000 and shall not exceed $250,000. The Note shall bear simple interest at a rate of 5% per annum and all principal and accrued interest shall be payable in full and on demand provided that Limitless’ demand shall not be made until a date that is at least three years from the valuation date.
The agreement is scheduled to close on December 31, 2020, though the parties may extend this closing date by mutual agreement.
About CYBER APPS WORLD INC. (OTCMKTS:CYAP)
Cyber Apps World, Inc. is engaged in developing mobile applications, which would be available to subscribers for various programs. The Company is engaged in licensing an e-commerce Internet platform for the purchase and sale of products and services by way of mobile/computer applications. The Company offers Savinst Application (App), which is an e-commerce platform that will allow consumers and businesses around the world to purchase and sell products and services. Savinst App provides coupons and deals for in-store and online shopping. The Company also engaged in developing an application, News My Way, which is a customizable personal news gathering application. All News My Way enables users to consolidate and view customized news items and topics of interest from around the world in real-time and is displayed for viewing on various devices and platforms using the embedded and customizable user portal.