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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

 

The Company signed an asset purchase agreement on January 18, 2022 with the CEO of the Company Mr. Kidrin. The Company purchased from Mr. Kidrin assets previously owned by MariMed Inc. (MRMD) and used in its 3D VR business, which Mr. Kidrin received through a settlement of a lawsuit with MRMD. The Company plans to use this IP to enter into the NFT market. In consideration for the IP, Mr Kidrin received fifteen million options to purchase common stock in the Company at the market price on January 18, 2022. The option expires three years from the date of the agreement.

 

At the February 16, 2022 board meeting, the directors voted to reprice their existing options at the current market price and extend the options exercise date to 5 years from the date of the repricing. The board also approved the annual option grants for the directors for the prior years’ service that were never issued and the current year.

 

On April 30, 2021, Judge Casper granted Activision’s summary judgment motion, entered an Order finding that all asserted patents were invalid as directed to patent-ineligible subject matter, and terminated the Company’s lawsuit, with judgment for the Activision Entities.  The Company appealed this Order on May 28, 2021 to the U.S. Court of Appeals for the Federal Circuit, sitting in Washington, D.C.  Oral argument occurred on March 8, 2022.  On March 10, 2022, the Federal Circuit issued an Order affirming the District Court’s judgment.