Item 1.01. Entry into a Material Definitive Agreement.
On April 8, 2022, Beyond Commerce, Inc. (the "Company") entered into a letter of
intent (the "Letter of Intent") with Electric Built Inc., a provider of electric
vehicle design and engineering services ("Electric Built"), pursuant to which
the Company will acquire the business ofElectric Built (the "Transaction"). The
Transaction shall provide the Company with exclusive access to Electric Built's
commercial business know-how and business connections and operations, with such
structure to be negotiated by the parties. Consummation of the Transaction shall
be subject to the execution of a mutually satisfactory definitive agreement by
the Company and Electric Built (the "Definitive Agreement").
Pursuant to the Letter of Intent, in exchange for exclusivity in negotiating the
transaction, the Company has issued $50,000 in shares of restricted common stock
of the Company, to be released at Closing of the Definitive Agreement.
Additionally, the Company has been given a right of first refusal to purchase
the assets, intellectual property and all other assorted property of
Electrogistics, Inc.
The foregoing description of the Letter of Intent does not purport to be
complete and is qualified in its entirety by the full text of its form, which is
filed as exhibit 10.1 hereto and incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Pursuant to the Letter of Intent, Remo Weber, currently Chief Executive Officer
of Electric Built, will be appointed as Chief Operating Officer of the Company
in connection with the transaction, on terms and conditions to be negotiated.
Item 9.01. Exhibits.
(d) Exhibits
Exhibit No. Exhibit
10.1* Form of Letter of Intent entered into between Beyond Commerce,
Inc., and Electric Built Inc. on April 8, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
* Filed herewith
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