UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Item 1.01 - Entry into a Material Agreement.
On August 1, 2024, the Company entered into an Agreement to acquire the assets, current clients, and agreed to retain certain employees of Alastar (“Alastar”), a software platform founded by and jointly owned by Advanced Technology International, a nonprofit corporation, and the South Carolina Research Authority, a South Carolina nonprofit corporation. Under the terms of the agreement, Cleartronic receives the intellectual properties, trademarks, software platform and other assets of Alastar, along with their client base. The Company also retained Alastar’s employee group which will eliminate having to use outside technical resources. The immediate financial impact on the Company will be an increase in cash offset by an increase in deferred revenue without assuming any other liabilities.
On August 5, 2024, all terms were satisfied, and the agreement was closed.
Item 9.01 Financial Statements and Exhibits
(a) The following Exhibit is being filed with this Current Report on Form 8-K:
| Exhibit | ||
| Number | Description | |
| 10.01 | Asset Purchase Agreement between Cleartronic, Inc. and Advanced Technology International and the South Carolina Research Authority | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Date: August 7, 2024 | CLEARTRONIC, INC. | |
| By: | /s/Michael M. Moore | |
| Michael M. Moore | ||
| Chief Executive Officer | ||
| By: | /s/Larry Reid | |
| Larry Reid | ||
| Chief Financial Officer | ||
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