Background:
On July 19, 2022, joint custodians of CDBT, Mr. Frank I Igwealor and Mr. Bryan Glass jointly sold 840,000 shares of the CDBT's Series A Preferred stocks which control a total of 81.55% of CDBT's total voting rights, to Mr. Micheal Nugent as Trustee for The Twenty Second Trust. Subsequent to the above transaction, the two transferred control of the CDBT's board of directors to Mr. Nugent.
On August 2, 2022, the CDBT entered into a share exchange agreement with Cycclone Engine Developments Pty Ltd, an Australian corporation for the acquisition of the assets and business operations of Cycclone Engine Developments Pty Ltd and subsidiary, Y Engine Developments Pty Ltd.
On September 28, 2022, Cycclone Engine Developments Pty Ltd and Y Engine Developments Pty Ltd became wholly owned subsidiaries of Cycclone Magnetic Engine Developments Limited, an Australian unlisted public company.
On September 29, 2022, CDBT entered into an amended Share Exchange Agreement with Cycclone Magnetic Engine Developments Limited.
On September 30, 2022, CDBT and Cycclone Magnetic Engine Developments Limited entered into an Operating Agreement for The Amended Share Exchange Agreement giving effective control of Cycclone Magnetic Engine Developments Limited and the wholly owned subsidiaries
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