Item 1.01 Entry Into Material Definitive Agreement
On November 22, 2021, we closed the purchase of property located in Westfield,
New York known as the Sugar Hill Golf Course. The final purchase was pursuant to
the terms of an amended foreclosure proceeding that began in July 2019 wherein
we were the winning bidder. Under terms of our bid the total purchase price for
the property was $597,000, of which we paid $120,000 as a deposit. Thereafter
our agreement to purchase the property from foreclosure was amended and extended
several times and we made numerous $10,000 monthly payments and several
additional payments related to the extension to close the purchase, all of which
led up to the December 1, 2021 deadline when approximately $172,000 was owed
under the terms of the foreclosure. In mid-November 2021, we paid the final
$172,000 and the final deed documents were recorded with the Chautauqua County,
NY Clerk's Office on November 22, 2021. We also paid approximately $50,000 in
taxes and fees related to the property.
The property is approximately 43 acres and has unlimited water extraction rights
from the State of New York. We plan to use this property as our inroads to the
New York hemp and infused beverage markets in the future. There are no current
plans or budget to proceed with operations in New York.
On November 2, 2021, we borrowed $300,000 from Glenn E. Martin, one of our
officers and directors, in order to pay the final payment of $172,000 to acquire
the Sugar Hill Golf Course. Under the terms of the promissory note, the
principal amount bears interest at five percent (5%) per annum and matures on
December 31, 2022.
Item7.01 Regulation FD Disclosure.
On December 2, 2021, we issued a press release announcing the closing of our
purchase of the Sugar Hill Golf Course in Westfield, New York. A copy of the
press release is furnished with this Current Report as Exhibit 99.1.
The information in this Item 7.01 of this Current Report on Form 8-K, including
Exhibit 99.1 attached hereto, shall not be deemed to be "filed" for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to liability under such section, nor shall it be
deemed incorporated by reference in any of our filings under the Securities Act
of 1933, as amended, or the Exchange Act, regardless of any general
incorporation language in such filing, unless expressly incorporated by specific
reference in such filing.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
10.1 Promissory issued by SOBR Safe, Inc. to Glenn E. Martin dated November
2, 2021
99.1 Press Release dated December, 2021 issued by SOBR Safe, Inc.
announcing the closing of our purchase of the Sugar Hill Golf Course in
Westfield, New York
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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