UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On March 29, 2022, Sollensys Corp (the “Company”) issued a press release announcing entry into an agreement with Smart City Capital. Smart City Capital provides cities of all sizes the power to become smart, connected, and resilient, reducing the existing digital divide. Pursuant to the terms of the agreement, Smart City Capital agreed to purchase three of the Company’s Regional Service Centers that will provide blockchain based data archives for multiple cities. The equipment purchase represents a $2.25 million investment by Smart City Capital in infrastructure to be financed and hosted by the Company over a five-year period. The agreement also includes a commitment by Smart City Capital to utilize multiple petabytes of blockchain storage space at a cost of approximately $2 million annually, for a $4.25 million total initial commitment.
The agreement was initiated and coordinated through Acadia Leadership Partners (“Acadia”), an industry channel network and independent member of BDO Alliance USA. The Company will pay Acadia a standard commission representing 40% of the equipment fees collected, pursuant to the agreement, by the Company and a percentage of the hosting fees pursuant to the agreement.
The information included in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth under this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press release of the registrant dated March 29, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOLLENSYS CORP | ||
| Dated: March 29, 2022 | By: | /s/ Donald Beavers |
| Donald
Beavers Chief Executive Officer | ||
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