UNITED
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SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.02. Termination of a Material Definitive Agreement.
On February 17, 2022, AppTech Payments Corp. (the “Company”), received written notice from Silver Alert Services, LLC dba LifeLight Services (“LifeLight”) of their intent to unilaterally terminate that particular Strategic Partnership Agreement initially executed on or about August 21, 2020, as subsequently replaced by the Amended and Restated Strategic Partnership Agreement initially executed on or about April 21, 2021 (collectively the “Agreement”).
The Agreement provided, in relevant part, that the Company and LifeLight would share revenue attributable to Company’s increase in subscription for services due to LifeLight’s marketing of Company’s services to the established customer base of LifeLight. Further, the Company would loan certain monies to LifeLight, which would be paid back over time, including the revenue share. Not only did the Agreement commit to certain revenue streams that would be allocated as payment to LifeLight, but also was used to establish initial marketing efforts to grow Company’s own customer base. The Termination occurred during negotiations regarding the renewal and extension of certain contractual terms. During this process, LifeLight provided notice of termination, which the Company acknowledged. Termination was mutual as between the Company and LifeLight.
While no early termination penalties apply to this Agreement, LifeLight does still owe to the Company pursuant to prior terms, an amount approximately equal to $26,245.88.
| Exhibit Number | Description |
| 104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline Extensible Business Reporting Language) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AppTech Payments Corp. | ||
| Date: February 22, 2022 | By: | /s/ Luke D’Angelo |
| Luke D’Angelo | ||
| Chief Executive Officer, Board Chairman | ||