Item 8.01 Other Events.
In connection with the acquisition of certain needle incineration technology
formerly known as The Disintegrator ("SANDD™"), on or about December 31, 2015,
the Registrant entered into a consulting agreement ("Agreement") with the owner
of SANDD™.
In exchange for advisory services to be provided to the Registrant by the
consultant ("Consultant"), the Registrant agreed to issue up to 60,000,000
shares of its common stock to the Consultant. Under the terms of the Agreement,
the common stock is to be issued in three (3) separate tranches of 20,000,000
million shares each after the Registrant reached three (3) separate mutually
agreed upon performance milestones.
During the fiscal year ended June 30, 2020, the Registrant issued 20,000,000
shares of common stock to the Consultant under the terms of the Agreement after
the Registrant had reached the first mutually agreed upon milestone. The
Registrant has not yet reached the second and third mutually agreed upon
milestones under the terms of the Agreement, as such, 40,000,000 shares remain
unissued.
On October 18, 2021, the Registrant entered into a Separation Agreement with the
Consultant to cancel all of the remaining obligations under the Agreement
effective October 31, 2021, with the cash payment of $75,000 by the Registrant
from available working capital, on or before October 31, 2021, and an additional
cash payment of $50,000 from available working capital, on or before November
30, 2021.
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