SocialPlay USA, Inc. cancelled the acquisition of 30% stake in Spot and Pay, Inc. from Karthik Mani.
April 08, 2018
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SocialPlay USA, Inc. (OTCPK:SPLY) entered into a binding letter of intent to acquire 30% stake in Spot and Pay, Inc. from Karthik Mani for $0.3 million on March 11, 2017. The consideration will be paid in cash. These funds are to be paid as follows: (i) $0.05 million to be paid upon execution of the letter of intent, (ii) an additional $0.1 million to be paid upon certain development milestones for Spot and Play’s business, and no later than 15 days after the execution of a definitive agreement, and (iii) the final $0.15 million upon Spot and Play’s achievement of certain additional milestones, and no later than 75 days after the execution of a definitive agreement. In related deal, SocialPlay will also acquire an option to acquire 70% stake in Spot and Pay. The transaction is subject to all necessary regulatory and third party approvals, execution and delivery of acquisition agreement, consummation of due diligence, consents and waivers, including any stockholder and Board of Directors' required with respect to the transaction. The definitive agreement will be signed no later than March 31, 2017.
SocialPlay USA, Inc. (OTCPK:SPLY) cancelled the acquisition of 30% stake in Spot and Pay, Inc. from Karthik Mani on April 9, 2018.
SocialPlay USA, Inc., formerly Artesanias Corp., is a development-stage company. The Company focuses on developing a business that provides marketing, monetization and support services for the companies in gaming and mobile application markets. The Company has limited operations. The Company has developed SP Cloud Goods, which is a Virtual Goods, Virtual Product Placement Marketplace and Cloud hosting service. SP Cloud Goods allows developers to focus on the task of game design. SP Cloud Goods supports iPhone operating system (iOS) (Apple), Android, Facebook, Kongregate, and Steam purchasing. Game developers have access to a Web portal where they can add/remove virtual goods, manage players, manage store pricing, and view game and player statistics. SocialPlay can enter into the traditional role of a publisher through a branded Gamer Portal. The Company has not generated any revenue.