Sollensys (SOLS)


CoverDec. 06, 2021
Cover [Abstract]
Document Type8-K/A
Amendment Flagtrue
Amendment DescriptionAs 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 DateDec. 6,
Entity File Number333-174581
Entity Registrant NameSOLLENSYS CORP
Entity Central Index Key0001519177
Entity Tax Identification Number80-0651816
Entity Incorporation, State or Country CodeNV
Entity Address, Address Line One2475 Palm Bay Rd. NE
Entity Address, Address Line TwoSuite 120
Entity Address, City or TownPalm Bay
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code32905
City Area Code(866)
Local Phone Number438-7657
Written Communicationsfalse
Soliciting Materialfalse
Pre-commencement Tender Offerfalse
Pre-commencement Issuer Tender Offerfalse
Entity Emerging Growth Companytrue
Elected Not To Use the Extended Transition Periodfalse