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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 1, 2022

 

GAMING TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 333-249998 35-2675083

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

 

Two Summerlin

Las Vegas, NV 89135, USA

(Address of principal executive offices, and zip code)

 

+1-347-983-1227

(Registrant's telephone number, including area code)

 

____________________________ 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
N/A N/A N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

   

 

 

Item 1.02Termination of a Material Definitive Agreement.

 

As previously reported, on May 19, 2021, Gaming Technologies, Inc. ( the “Company”) entered into a non-exclusive License Agreement (the “Agreement”) with Playboy Enterprises International, Inc. (“Playboy”) to use certain trademarks (including the rabbit head logo) and other intellectual property of Playboy on and in connection with the design, creation, promotion, marketing, advertisement, sales, operation, maintenance and distribution in India of real-money game mobile apps, such as rummy, poker, fantasy sports and other games of skill approved by Playboy. We agreed to pay Playboy as a royalty a percentage of net gaming revenue. The term of the Agreement was through the end of 2025, subject to early termination upon certain events of default including failure to meet certain annual minimum net gaming revenue targets. A Playboy-branded game was launched in India on November 1, 2021.

 

On August 1, 2022, the Company received from Playboy a Notice of Termination of the Agreement. The Company failed to meet the minimum net gaming revenue requirement in 2021. The Company must discontinue all operation and availability of the Playboy-branded game as of September 30, 2022.

 

The foregoing description of the Agreement is a summary and is qualified by reference to the full Agreement, which was filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, and is incorporated herein by reference.

 

 

 

 

 

 

 

 

 

 

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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 hereunto duly authorized.

 

  GAMING TECHNOLOGIES, INC.
     
Dated: August 9, 2022 By: /s/ Jason Drummond
  Name: Jason Drummond
  Title: CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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