MONSTER ARTS INC. (OTCMKTS:APPZ) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On December 12, 2017, Monster Arts, Inc., a Nevada corporation (the "Company") and Flight Time Aviation Group, Inc. an Albert Canada corporation ("Flight Time"), executed a non-binding Letter of Intent ("LOI") whereby the Company is seeking to acquire all of the assets associated and related to Flight Time’s cloud-based aviation application and software branded as CaminoAero (the "Acquisition"). More information regarding CaminoAero can be found on their website at www.CamineAero.com.
The Acquisition will be completed to a definitive purchase and sale agreement between the Company and Flight Time and with a purchase price of $220,000 (the “Purchase Price”) consisting of a one-time cash payment in the amount of $20,000 USD (the “Cash Payment”) and a convertible promissory note in the amount of $200,000 USD (the “Note”).
CaminoAero’s secure cloud-based aviation application offers a single point to enter flight activities, which seamlessly integrates CaminoAero’s Pilot Flight Log and Aircraft Log. With this single point of data entry, the CaminoAero system applies consistent flight time and air time calculations and is neatly displayed on the NavDisplay.
The application also allows for the complete tracking of aircraft to improve the efficiencies along maintenance tracking. The NavDisplay is well organized to illustrate the maintenance events that are coming due and is used to support planning for shop visits and to simplify the oversight of an aircraft's maintenance. Further, the application allows for the aircraft activity to be easily transferred to new owners.
The Company and Flight Time will use their best efforts to complete the Definitive Agreement and schedule a Closing of the Definitive Agreement on or before December 31, 2017.
| ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits. The following exhibits are either filed as a part hereof or are incorporated by reference. Exhibit numbers correspond to the numbering system in Item 601 of Regulation S-K.
Monster Arts Inc. ExhibitEX-2.1 2 ex2-1.htm LETTER OF INTENT Monster Arts,…To view the full exhibit click here
About MONSTER ARTS INC. (OTCMKTS:APPZ)
Monster Arts, Inc. is a development-stage company. The Company is focused on developing tracking and data collection software for various industries, including family safety, health and wellness, culinary, and brain/memory training. The Company has developed a drone tracking control system (DTCS), which enables drone operators and pilots to participate in a navigational tracking and monitoring system; receive a flight number, and their aircraft location would be tracked as part of a monitoring system that would be utilized by, and visible to, local, state, and national air traffic authorities, as well as the United States military, law enforcement and first responders. It also develops software for mobile devices, smart televisions and set top boxes running Internetwork operating system (iOS), Android, Windows and other platforms. It is also involved in the travel industry through its online and mobile platform for consumers and paying members of Travel America Visitor Guide.
