Item 1.01 Entry into a Material Definitive Agreement.
On June 4, 2020 Friendable Inc. (the "Company") and Eclectic Artists entered
into a Partner Agreement and Stock Subscription Agreement. Pursuant to the
Partner Agreement Eclectic Artists LLC ("EArtists") whereby EArtists will engage
musical artists and other talent to engage on the Company's FanPass platform,
providing live streaming events available through the FanPass mobile
application. In exchange for bring artists to the FanPass platform, EArtitsts
will receive 5% of net revenue and 118 Series A Preferred Shares. Concurrent
with the issuance of the Series A Shares to EArtists, Robert Rositano, Jr., the
Company's CEO and Dean Rositano, the Company's president, will return an
aggregate of 118 Series A Preferred shares for no additional dilution to the
Company for this partnership transaction.
The forgoing description is qualified in its entirety by reference to the
Partner Agreement filed herewith as Exhibit 10.1.
Item 3.02 Unregistered Sales of Equity Securities.
In accordance with the Partner Agreement described in Item 101 the Company
issued 118 shares of Series A Preferred Stock to Eclectic Artists LLC pursuant
to the exemption from registration provided under Section 4(a)(2) of the
Securities Act of 1933.
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Item 9.01 Financial Statements and Exhibits.
Exhibit Number Exhibit
10.1 Partner Agreement
10.2 Stock Purchase Agreement Series A Preferred Stock
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