Social Life Network, Inc. (OTCMKTS:WDLF) Files An 8-K Other Events
Item 8.01 Other Events
On December 30, 2019, we completed the renewal of software license agreements with Real Estate Social Network, Inc. and Sports Social Network, Inc. that have been in place since January 1st, 2017 and were set to expire on December 31st, 2019. The software license agreements were each previously valued at $125,000 per year for the past two years.
The renewed software license agreements are for 5 years and each are valued at no less than $1,250,000.
On June 23, 2019, we entered into a non-binding Letter of Intent (“LOI”) with Real Estate Social Network, Inc. (“RESN”) to purchase a majority interest of their division, LikeRE.com. Now, instead, RESN will pay us 2,500,000 common stock shares valued at $1,250,000 on December 30th, 2019. Additionally, we will receive 5% of the net profits from RESN, now d/b/a LikeRE.com, Inc., each year for five years. With the renewed license agreement and payment terms, we have cancelled the LOI. Additionally, to the new license agreement, we have a right of first refusal to purchase some or all of RESN’S websites, mobile apps, brand and domain names, data and users, revenue contracts, partnership agreements and any assets for fair market value.
Sports Social Network, Inc., will also pay us 2,500,000 common stock shares, valued at $1,250,000 on December 30th, 2019. Additionally, we will receive 5% of the net profits from Sports Social Network, and each of their divisions and wholly owned subsidiaries, for five years. With the renewed license agreement and payment terms, we have a right of first refusal to purchase some or all Sports Social Network’s websites, mobile apps, brand and domain names, data and users, revenue contracts, partnership agreements and any assets, during the terms of the agreement, for fair market value.
About Social Life Network, Inc. (OTCMKTS:WDLF)
Social Life Network, Inc. is a technology company. The Company has a network of Websites and applications built on social network platforms. The Company allows business professionals to search, find, share and connect with other business professionals, consumers and their own customers, through a combination use of its free memberships and recurring monthly paid premium subscriptions. It provides industry professionals with go-to social networks and integrated digital marketing tools.