Item 1.01 Entry Into A Material Definitive Agreement

On December 29, 2016, Generation NEXT Franchise Brands, Inc. (the "Company") entered into an Asset Purchase Agreement (the “Agreement”) with Robofusion, Inc. (“RFI”), whereby the Company acquired the intellectual property assets of RFI, a developer of robotic-kiosk vending technology, primarily frozen yogurt vending kiosks/cubes, using RFI's trademarked name of Reis & Irvy's (the “Acquisition”). Pursuant to the Agreement, the Company will provide RFI a cash payment of $420,000, payable in two equal installments, the first of which was paid at the Closing, and shall be reduced by the closing payments made by the Company to the third parties in the amounts as set forth in the Agreement and the second on the one (1) month anniversary of the Closing Date. The Company also issued to RFI a three-year, $2 million note and a five-year common stock purchase warrant for 1,520,000 shares with a strike price of $0.50 per share. Furthermore, certain RFI Officers, Directors and Shareholders will be subject to a five-year, non-compete agreement.

RFI previously granted the Company an exclusive license to market RFI's frozen yogurt vending kiosks/cubes, using RFI's trademarked name of Reis & Irvy's, in the United States and its territories (excluding Puerto Rico) and Canada, as disclosed in the Company’s Form 8-K, dated February 8, 2016. The assets acquired pursuant to the Agreement, are substantially all of the assets previously licensed to the Company.

The above descriptions of the Agreement and the exhibits thereto are qualified in their entirety by reference to the forms of such documents attached as Exhibit 4.1 to this Current Report on Form 8-K.