Item 1.02 – Termination of a Material Definitive Agreement.
Effective August 4, 2022, the Registrant terminated a previously announced
Equity Line Purchase Agreement (“Agreement”) whereby subject to the terms and
conditions set forth in this Agreement, the Registrant would have sold to the
Investor up to Ten Million Dollars ($10,000,000) or Four Hundred Million
(400,000,000) shares of registered common stock, $0.001 par value per share (the
The Registrant had discussions with the potential investor and they both
determined that based upon existing market dynamics, the existing Agreement
should be terminated and both parties are negotiating new terms. The Registrant
continues to have funding discussions with the potential investor, as well as
the Registrant’s existing institutional investors.
Item 7.01 – Regulation FD Disclosure
The Registrant filed a press release dated July 29, 2022, announcing full
funding for the 2022 Training Camp and opening of the 2022 season was not
completed as planned. As a result, the unexpected delay resulted in the
Registrant suspending the Training Camp and potentially delaying the beginning
of the 2022 season. A copy of the Registrant’s press release is attached.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is furnished herewith:
99.1 Press Release issued by the Registrant on July 29, 2022 2
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