Global Trac Solutions Inc. (OTCPK:PSYC) executed a binding Memorandum of Understanding to acquire 51% stake in World Innovation Technology LLC on February 10, 2020. Global will take over all sales and logistics efforts on behalf of WIT and in exchange will receive 50% of all revenue generated in the new subsidiary. Global Trac Solutions Inc. (OTCPK:PSYC) cancelled the acquisition of 51% stake in World Innovation Technology LLC on April 10, 2020. The transaction was terminated as it wasn’t justifiable for the business model from a capitalization perspective.