Freedom Leaf Inc. (OTCMKTS:FRLF) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01
| ENTRY INTO A DEFINITIVE MATERIAL AGREEMENT |
On March 31, 2017, Freedom Leaf Inc. (the Company) entered into a
license agreement with BBD Healthcare Strategies, LLC, a Florida
limited liability company (BBDHS), to which BBDHS received
distribution rights to the Companys magazine and other Freedom
Leaf branded merchandise for the State of Florida, in
consideration of (1) a license fee of $250,000, paid $25,000 at
execution, and $25,000 due every two months beginning August 2017
and concluding June 2018, with a final payment of $50,000, (2)
ongoing royalties of 5% for sales of Company merchandise
purchased from the Company, (3) ongoing royalties of 10% for
sales of Company merchandise purchased from a third party
supplier, and (4) ongoing royalties of 33% for Company seminars
and conferences. The Company also provided BBDHS with warrants to
purchase 1,200,000 shares of Company common stock at an exercise
price of $0.05, exercisable as follows: 240,000 shares between
September 1, 2017 and October 31, 2017, 240,000 shares between
November 1, 2017 and December 31, 2017, 240,000 shares between
January 1, 2018 and February 28, 2018, 240,000 shares between
March 1, 2018 and May 30, 2018, and 240,000 shares between June
1, 2018 and July 30, 2018.
The foregoing description of the license agreement is qualified
in its entirety by the full text of such agreement, which is
filed as Exhibit 10.1 to, and incorporated by reference in, this
report.
| Item 9.01 | Financial Statements and Exhibits. |
The exhibits listed in the following Exhibit Index are filed as
part of this report:
10.1License Agreement with BBD Healthcare Strategies, LLC
About Freedom Leaf Inc. (OTCMKTS:FRLF)
Freedom Leaf, Inc. (Freedom Leaf) is focused on being the national and international news source for the Cannabis/Industrial Hemp industry. The Company, through its online and print media channels, is engaged in dissemination of current legislation and legal news, arts and entertainment. The Company provides advertisements in publications, both print and online, in the cannabis/hemp marketplace. It provides consulting services to companies who are in its industry. It contracts with companies to brand, market and sell their products and/or services. It sells licenses, both domestic and foreign, for the use of the Freedom Leaf brand that includes its products and services. The Company also incubates other companies in the cannabis industry. The Company’s magazine, The Good News in Marijuana Reform, reports on arts, fashion and lifestyle, all of the elements of the burgeoning cannabis movements. Freedom Leaf Inc. (OTCMKTS:FRLF) Recent Trading Information
Freedom Leaf Inc. (OTCMKTS:FRLF) closed its last trading session up +0.0050 at 0.0650 with shares trading hands.