Item 1.01 Entry into a Material Definitive Agreement.
On June 27, 2018, Gold Entertainment Group, Inc. ("we" or "Company") entered into an agreement with IceLounge Media Inc., a Wyoming corporation ("ICELOUNGE"), (the "Agreement"). Pursuant to the terms of the Agreement, the Company authorized a new class of Preferred Shares. The new class, SERIES B Preferred Shares were issued as part of the payment due to the Company's Former CEO and Director, Mr. Fytton, for the acquisition of the Company's controlling block of Series A Preferred Stock, by ICELOUNGE; whose rights remain unchanged.
Under the Terms of the Agreement, Mr. Fytton, is owed seventy-five thousand dollars ($75,000.00) following the Closing Date and registered as Preferred B Shares issued by GEGP and recorded with its Transfer Agent, being Island Stock Transfer of Clearwater, Florida. On August 20, 2020, Gold Entertainment Group, Inc. ("we" or "Company") amended the Agreement, (see Exhibit 10.1 attached) with Mr. Fytton which is summarized as follows. An immediate payment of five thousand dollars($5,000.00)was paid to reduce the outstanding balance to seventy thousand dollars($70,000.00).
Further the Amended Agreement, ITEM 2 CLOSING, added the following additional provisions;
(e) SELLER shall retain, following the Closing, the domain name GOLDENTERTAINMENT.com for its exclusive use. SELLER shall forward any email correspondence to CEO@, CORP@ to a new email address supplied by the BUYER for a period of one year, following the final payment owed to the BUYER, being paid in full per the Terms and Conditions of this Agreement and amendments.
(f) SELLER shall cause a share dividend to be made to its registered shareholders of record on or as soon as possible following the CLOSE of this Agreement. This dividend shall be made in a manner and time determined by the SELLER. The SELLER shall be responsible for all costs associated with this transaction. The SELLER shall exclude from the dividend, the Officers and Directors of the Company.
The Amended Agreement came into effect September 4, 2020, following the transfer of funds to Mr. Fytton.