Sollensys Corp. (OTCPK:SOLS) acquired Abstract Media LLC from Andrew Baker, Brian Bogus, John Swain, Steven Swain and Ron Dykes for $0.66 million on October 15, 2021. Pursuant to the terms of the agreement, the company agreed to acquire from the Abstract Media Members all of the membership interests of Abstract Media representing 100% of the membership interests of Abstract Media, in exchange for the issuance by the company to the Abstract Media Members of (i) shares of the company's common stock equal to $605,000 minus the Debt Repayment Amount, divided by the VWAP as of the closing date, plus (ii) $15,000, plus (iii) $15,000 to be paid solely to John Swain as additional consideration for John Swain's membership interests. The “Debt Repayment Amount” means the debt owned by the company to John Swain pursuant to a promissory note dated as of August 15, 2017, which debt the parties agree is approximately $80,000, but which shall be finally calculated on the closing date. As of September 30, 2021, Abstract Media has a revenue of $296,681 and a total assets of $95,646. As a result of the acquisition, Abstract Media will become a wholly owned subsidiary of the company. Post deal completion, Abstract Media's team will continue with Sollensys. The transaction was subject to regulatory and acquirer board approvals, consummation of due diligence and execution of employee agreements. John Cacomanolis of Anthony L.G., PLLC acted as legal advisor to Sollensys.

Sollensys Corp. (OTCPK:SOLS) completed the acquisition of Abstract Media LLC from Andrew Baker, Brian Bogus, John Swain, Steven Swain and Ron Dykes on October 15, 2021. Sollensys Corp issued (i) 73,244 common shares of company stock and (ii) $15,000 paid to the Abstract Media members, plus (iii) $15,000 to be paid solely to John Swain as additional consideration for Swain's membership interests. Sollensys Corp also assumed net liabilities of $77,422.