Global Boatworks Holdings, Inc. (OTCMKTS:GBBT) Files An 8-K Entry into a Material Definitive Agreement

Global Boatworks Holdings, Inc. (OTCMKTS:GBBT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

 

On September 3, 2020, Global Boatworks Holdings, Inc. (the “Company”) entered into a Share Exchange Agreement with R3 Score Technologies, Inc., a privately-owned Delaware corporation (the “R3 Score”) and its shareholders dated September 3, 2020 to acquire up to 50% of the issued and outstanding capital stock of R3 Score in exchange for up to 103,307,061 shares of common stock, par value $0.00001 per share (the “Common Stock”) of the Company.  The initial closing to which the Company will acquire 94% of R3 Score is expected to occur no later than September 10, 2020 with subsequent closings for up to 50% of R3 Score to occur no later than September 30, 2020.

R3 Score has developed data driven scoring designed to unlock new valuable employees and customers globally utilizing a multi-factor algorithm based on 11 factors assessing character, capacity and continuity of choice. R3 Score sells its core product directly to businesses and consumers offering a contextualized background check and an alternative credit score. The alternative criminal background check is the wedge into the market with the goal of generating revenue as R3 Score seeks to grow more traditional and modern financial services. R3 Score considers itself a FinTech company with a goal of becoming a challenger, or neo bank for a traditionally overlooked and underbanked population.  The proprietary risk model is used to shift the composition of the industry and gain market adoption is a strategic objective.

The initial product offerings are designed for the 1-in-3 (more than 70 million people) Americans living with an arrest or conviction record.  R3 Score has a pathway to expand to the general public with thin consumer credit files and who are left out of traditional credit scoring models. The criminal background screening opportunity serves as an ideal place, to begin with, the growing dialogue around racial and criminal justice.]

The foregoing description of the Share Exchange Agreement is qualified in its entirety by reference to the Share Exchange Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated into this Item 1.01 by reference.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Global Boatworks Holdings, Inc. Exhibit
EX-10.1 2 ex10_1apg.htm EXHIBIT 10.1 SHARE EXCHANGE AGREEMENT EXHIBIT 10.1   EXHIBIT 10.1 SHARE EXCHANGE AGREEMENT SHARE EXCHANGE AGREEMENT,…
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About Global Boatworks Holdings, Inc. (OTCMKTS:GBBT)

Global Boatworks Holdings, Inc. is a development-stage company. The Company commercializes upscale stationary vessels built on a barge bottom. The Company owns a vessel, the Miss Leah. The Company operates the Miss Leah as a short-term rental in Boston Harbor, Massachusetts. The Miss Leah is a two-story vessel, which is approximately 1,500 square feet under air, and includes two bedrooms, two bathrooms, wood floors throughout, granite countertops, stainless steel appliances and a fireplace. The Miss Leah is docked at Marina Bay in Boston, Massachusetts. Its subsidiary is Global Boatworks, LLC. Its target customers are owners of marinas and other businesses, and individuals seeking rental properties for their customers, corporations seeking a venue for company events and functions, persons seeking a vacation or second home on the water, and individuals seeking to live on a floating vessel with the amenities found in a home. It seeks to sell a floating vessel known as the Luxuria model.

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