Item 1.01 Entry into a Material Definitive Agreement.
On September 6, 2022, we entered into a debt settlement agreement with Global
Corporate Structural Services Inc. ("GCSS"), a private company that has provided
us with marketing, beta testing, cloning, and maintenance services in connection
with the WarpSpeed Taxi computer application. Pursuant to the debt settlement
agreement, we acknowledged that we owed $135,430.95 to GCSS for its services as
of July 31, 2022.
On September 15, 2022, we entered into a final settlement agreement with GCSS
whereby we have agreed to transfer our 100% interest in the WarpSpeed Taxi
application to GCSS in full and final satisfaction of the debt owed to GCSS and
any other claims that GCSS has against us. However, we will retain a license for
the sole and exclusive use of the WarpSpeed Taxi application in the United
States.
Item 1.02 Termination of a Material Definitive Agreement.
On March 15, 2022, we entered into an agreement with a United States-based joint
venture partner whereby we collectively agreed to form a U.S. corporation (the
"Corporation") for the purpose of operating a ride-hailing and delivery business
using our WarpSpeed Taxi computer application (the "Application").
On September 16, 2022, we received notice from the joint venture partner that it
has terminated the joint venture agreement with us.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
10.1 Settlement Agreement dated September 15, 2022 between WarpSpeed Taxi
Inc. and Global Corporate Structural Services Inc.
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