FLITWAYS TECHNOLOGY, INC. (OTCMKTS:FTWS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On September 11, 2017, Flitways Technology, Inc. (the “Company”) entered into a Lease Agreement (the “Lease”) with REEP – OFC Corporate Pointe CA, LLC (the “Landlord”), to which the Company will lease approximately 5,879 square feet of space (the “Premises”) located at 600 Corporate Pointe, Suite 550, Culver City, California 90230 (the “Building”), for a term of Five (5) years and five (5) months (65)months (the “Term”) following the Commencement Date of October 1, 2017. The Company intends to occupy the Premises as its corporate headquarters. Subject to meeting certain conditions, the Company has one (1)option to extend the Term for an additional period of five (5)years as set forth in the Lease.
to the Lease, the Company will pay Base Rent of $19,988.60 per month for the first 12 months of the Term, $20,688.20 per month for months 13 through 24 of the Term, $21,412.29 per month for months 25 through 36 of the Term, $22,151.72 per month for months 37 through 48 of the Term, $22,937.38 per month for months 49 through 60 of the Term, and $23,740.19 per month for months 61 through 65 of the Term. This new Lease, represents a monthly increase of $16,800.
As security for its obligations under the Lease, the Company delivered to the Landlord a security deposit in the amount of $47,480.38, which may be used by the Landlord upon the occurrence of certain events as set forth in the Lease.
to the Lease, the Company is leasing 5,879 square feet of space in the Building (281,918 rentable square feet), the operating expenses relating to such space will be based on operating expenses for the 2018 calendar year (“Base Year”).
A copy of the Lease Agreement is filed on October 24, 2017, as part of our Current Report on Form 8-K , as Exhibit 10.01, and is incorporated herein by this reference.
The foregoing summary description of the Lease Agreement is not complete and is qualified in its entirety by reference to the full text of the Lease Agreement. The Lease Agreement also contains customary events of default. For further information regarding the terms and conditions of the Lease Agreement, this reference is made to such agreement, which the Company has filed on October 24, 2017, as an exhibit to our Current Report on Form 8-K and is incorporated herein by this reference.
Item 1.01 – CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information set forth under Item 1.01 of this report is incorporated herein by reference.
Item 1.01– OTHER EVENTS
On October 1, 2017, the Company changed its address, the new address is:
600 Corporate Pointe, Suite 550
Culver City, CA 90230
Item 1.01 – Financial Statements and Exhibits
Lease Agreement by and between the Company and REEP – OFC Corporate Pointe, CA, LLC dated September 11, 2017.
Filed with the SEC on October 24, 2017, as part of the Company’s Current Report on Form 8-K.
About FLITWAYS TECHNOLOGY, INC. (OTCMKTS:FTWS)
FlitWays Technology, Inc., formerly Cataca Resources, Inc., is a travel technology company. The Company allows travelers to search and schedule the mode of mobility, and helps drivers utilize their equity. The Company offers pre-booked and on-demand ground transportation, including rideshares, taxis, black cars and airport shuttles. The Company offers global ground transportation solution. The Company connects airlines, online travel agents and travel distributors with over 400 airports with a fleet of approximately 15,000 vehicles. The Company provides security for both business and private travelers with secure booking. The FlitWays online booking engine and application allows travelers to choose and pre-book a preferred ride from a range of vehicles, such as taxi, executive cars, airports shuttles and transfers. The Company caters to approximately 170 cities globally, including North America, South America, Europe and Asia.