Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.8.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Subsequent Events

NOTE 8 – SUBSEQUENT EVENTS

 

Subsequent to September 30, 2017, the Company issued an aggregate of 395,000 shares of common stock to an employee and third-party service providers with a total fair value of $146,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance.

 

On October 23, 2017, we restructured and exercised a game purchase option by entering into a definitive agreement with the game owner MMOJoe pursuant to which SPYR will own all of the game related assets of Pocket Starships, in a cashless transaction, and the publishing agreement with Spectacle as well as the original terms of the Option will be terminated, which means that SPYR will now be able to retain 100% of the revenue generated from the game and will be the sole owner of all of the assets related to the game. The acquisition includes, among other assets, all Pocket Starships related intellectual property, the userbase, artwork, software, internet domains, game store accounts (such as App Store, Play Store, Amazon, and Facebook Gameroom), web portal accounts (Facebook, VK.com, Kongregate, etc.) and internet domains (www.pocketstarships.com). Under the terms of the agreement, the game's owner will receive 8,000,000 restricted shares of SPYR stock (subject to resale gating provisions) with a fair value of $3.2 million and 8,000,000 three-year cash-based options exercisable at $0.50 per share with a fair value of $2,452,000. The Company is currently in the process of determining the accounting for the acquisition.