Item 8.01. Other Events.
Effective as of May 17, 2021, the Registrant entered into a non-binding letter
of intent with Cybernetics Technology, Inc., a Wyoming corporation
("Cybernetics"). The non-binding letter of intent sets forth the intent of the
parties for the Registrant to sell the virtual reality assets of the Registrant
to Cybernetics. The letter of intent does not provide for the price or other
consideration that will be paid to the Registrant by Cybernetics, and it does
not provide any other terms on which the transaction would occur.
Any such transaction would require the approval of the board of directors of the
Registrant. In addition, any such transaction also would require for the
parties to agree on the price or other consideration to be paid by the
Registrant and all the other terms of a definitive agreement. There is no
assurance that this transaction will occur.
Stephen Brown is the CEO, a member of the board, and the majority stockholder of
the Registrant. Mr. Brown also is the CEO and sole director of Cybernetics.
Mr. Brown does not own any stock or other ownership interest in Cybernetics.
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