Cover
Cover | Dec. 06, 2021 |
Cover [Abstract] | |
Document Type | 8-K/A |
Amendment Flag | true |
Amendment Description | As previously disclosed in the Current Report on Form 8-K (the “October 8-K”) filed with the Securities and Exchange Commission (the “SEC”) on October 19, 2021 by Sollensys Corp (the “Company”) and the Current Report on Form 8-K filed with the SEC on December 10, 2021 (the “December 8-K”), on October 15, 2021, the Company entered into the Agreement (as hereinafter defined), pursuant to which the Company agreed to acquire 100% of the membership interests of Abstract Media, LLC (“Abstract Media”), in exchange for the issuance by the Company to each of the members of Abstract Media (collectively, the “Abstract Media Members”) of (i) shares of the Company’s common stock equal to $605,000 minus the Debt Repayment Amount (as hereinafter defined), divided by the VWAP (as defined in the Agreement) as of the closing date, plus (ii) $15,000, plus (iii) $15,000 to be paid solely to John Swain as additional consideration for Mr. Swain’s membership interests. The transactions contemplated by the Agreement closed on December 6, 2021. The Company is filing this Amendment No. 1 to the December 8-K to provide the required disclosure under Item 2.01 and to provide the historical audited financial statements of Abstract Media and the pro forma consolidated financial information required by Items 9.01(a) and 9.01(b) of Form 8-K. |
Document Period End Date | Dec. 6, 2021 |
Entity File Number | 333-174581 |
Entity Registrant Name | SOLLENSYS CORP |
Entity Central Index Key | 0001519177 |
Entity Tax Identification Number | 80-0651816 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 2475 Palm Bay Rd. NE |
Entity Address, Address Line Two | Suite 120 |
Entity Address, City or Town | Palm Bay |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 32905 |
City Area Code | (866) |
Local Phone Number | 438-7657 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |