Cleartronic, Inc. Files 8-K for Material Agreement

Ticker: CLRI · Form: 8-K · Filed: Aug 7, 2024 · CIK: 1362516

Sentiment: neutral

Topics: material-agreement, filing, financials

Related Tickers: CLRI

TL;DR

Cleartronic (CLRI) signed a big deal on Aug 1st, filing an 8-K with financials.

AI Summary

Cleartronic, Inc. entered into a Material Definitive Agreement on August 1, 2024. The filing also includes financial statements and exhibits. The company, formerly known as GlobalTel IP, Inc., is incorporated in Florida and its fiscal year ends on September 30.

Why It Matters

This 8-K filing indicates a significant new agreement for Cleartronic, Inc., which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — Material Definitive Agreements can introduce new risks or opportunities, and the lack of specific details in this initial filing warrants a medium risk assessment.

Key Players & Entities

FAQ

What is the nature of the Material Definitive Agreement entered into by Cleartronic, Inc. on August 1, 2024?

The filing states that Cleartronic, Inc. entered into a Material Definitive Agreement on August 1, 2024, but the specific details of this agreement are not provided in the provided text.

When was Cleartronic, Inc. formerly known as?

Cleartronic, Inc. was formerly known as GlobalTel IP, Inc., with a name change date of May 11, 2006.

In which state is Cleartronic, Inc. incorporated?

Cleartronic, Inc. is incorporated in Florida.

What is Cleartronic, Inc.'s fiscal year end?

Cleartronic, Inc.'s fiscal year ends on September 30.

What is the principal executive office address for Cleartronic, Inc.?

The address of Cleartronic, Inc.'s principal executive offices is 28050 US Hwy 19 N, Suite 310, Clearwater, FL 33761.

Filing Stats: 534 words · 2 min read · ~2 pages · Grade level 12.3 · Accepted 2024-08-07 13:20:07

Filing Documents

01 - Entry into a Material Agreement

Item 1.01 - Entry into a Material Agreement. On August 1, 2024, the Company entered into an Agreement to acquire the assets, current clients, and agreed to retain certain employees of Alastar ("Alastar"), a software platform founded by and jointly owned by Advanced Technology International, a nonprofit corporation, and the South Carolina Research Authority, a South Carolina nonprofit corporation. Under the terms of the agreement, Cleartronic receives the intellectual properties, trademarks, software platform and other assets of Alastar, along with their client base. The Company also retained Alastar's employee group which will eliminate having to use outside technical resources. The immediate financial impact on the Company will be an increase in cash offset by an increase in deferred revenue without assuming any other liabilities. On August 5, 2024, all terms were satisfied, and the agreement was closed.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (a) The following Exhibit is being filed with this Current Report on Form 8-K: Exhibit Number Description 10.01 Asset Purchase Agreement between Cleartronic, Inc. and Advanced Technology International and the South Carolina Research Authority 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 7, 2024 CLEARTRONIC, INC. By: /s/Michael M. Moore Michael M. Moore Chief Executive Officer By: /s/Larry Reid Larry Reid Chief Financial Officer -2-

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