Summary by Futu AI
On August 19, 2024, AgriFORCE Growing Systems, Inc. ("AgriFORCE") entered into an asset purchase agreement to acquire the assets of Radical Clean Solutions Limited ("RCS"). The purchase price included $200,000 in cash (previously given as a loan and deemed satisfied at closing), five million restricted common shares of AgriFORCE, and the assumption of certain liabilities totaling $192,000. The deal also involved a two-year consulting agreement with RCS's CEO, Roger Slotkin, with a monthly fee of $15,000 and additional compensation based on sales and milestones. The asset purchase, which included RCS's patented technology in the agricultural industry, was completed on August 20, 2024. AgriFORCE has committed to funding up to $100,000 per month for RCS's operations. The transaction was conducted as a private placement under Section 4(a)(2) of the Securities Act of 1933.