Item 1.01 Entry into a Material Definitive Agreement.
On January 31, 2020, Favo Realty, Inc., (the "Company"), entered into a stock
purchase agreement (the "Agreement") with Basebay, LLC ("Basebay"). Pursuant to
the agreements, the Company sold Favo Blockchain Inc., its wholly-owned
subsidiary, to Basebay, LLC for $125,000 in cash.
Prior to the date of the Agreement, Basebay was a related party to RLT Atwood
International, LTD., a company whose assets were acquired by the Company.
Despite this prior relationship, the Agreement was entered into at arm's-length.
Item 2.01 Completion of Acquisition or Disposition of Assets
On January 31, 2020, pursuant to the Agreement, the Company disposed of Favo
Blockchain Inc., its wholly-owned subsidiary. With this transaction, the Company
no longer operates in the crypto-currency industry. Favo Blockchain Inc. was
sold for $125,000 in cash.
Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of Business Acquired. Not applicable .
(b) Pro forma financial information. Not applicable.
(c) Shell Company Transactions. Not applicable.
(d) Exhibits.
10.1 Stock purchase agreement, by and between Favo Realty, Inc. and Basebay,
LLC, dated January 31, 2020.
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