Current Report Filing (8-k)

Date : 06/24/2019 @ 5:18PM
Source : Edgar (US Regulatory)
Stock : Flexpoint Sensor Systems, Inc. (PC) (FLXT)
Quote : 0.08313  0.0 (0.00%) @ 6:19PM

Current Report Filing (8-k)

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


June 20, 2019

Date of Report

(Date of earliest event reported)



FLEXPOINT SENSOR SYSTEMS, INC.

(Exact name of registrant as specified in its charter)


Delaware

(State or other jurisdiction

of incorporation)

000-54892

(Commission File Number)


87-0620425

(IRS Employer

Identification No.)


        106 West Business Park Drive, Draper, Utah                 84020

       ( Address of principal executive offices)                               (Zip code)


           Registrant’s telephone number, including area code:   801-568-5111


[   ]   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

None

 

 


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. [   ]




1




Special Note Regarding Forward-looking Statements


This Current Report on Form 8-K contains forward-looking statements.  Words such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future events or operating results are forward-looking statements.  You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report.  All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.


Section 1 – Registrant’s Business and Operations


Item 1.01 Entry into a Material Definitive Agreement


On June 20, 2019, Flexpoint Sensor Systems, Inc. (“Flexpoint”) entered into an Exclusive License Agreement (”License Agreement”) with subVo, LLC, a Utah limited liability company.  subVo, LLC is in the business of development and sales of devices that improve audio performance of speakers, loudspeakers and microphones.  The Flexpoint Bend Sensor® technology will be utilized in subVo's KlaraT® speaker compensation technology and software algorithm, introducing a new wave of near perfect sound reproduction for everyday smart and slim devices. Tracking movement in real time, the Bend Sensor® used in the subVo® system knows the exact position of the cone at any given moment, allowing for the amplifier to calibrate, correct, and produce near-perfect sound reproduction, with zero lag time. The Bend Sensor® provides low distortion, flat frequency response, and fast impulse response and enables perfect synergistic motion, sensing precise movements throughout the audible spectrum.


The Bend Sensor® works with the KlaraT® proprietary software, allowing the feedback control and speaker protection algorithms to push speakers to their limits, without distortion or damage. This combined with the auto-calibration algorithm will remove all variability due to tolerances incurred in the manufacturing process, saving time and ultimately cost. The KlaraT® calibration also compensates for changes in temperature, humidity, and wear of the speaker itself over time.

 

The License Agreement provides that subVo, LLC will pay Flexpoint $450,000 for intellectual property associated with the Bend Sensor Technology, including educational materials, marketing materials, technology and branding related to the intellectual property.   The license territory is worldwide and is non-transferable.  The License Agreement has an initial term of three years and will automatically renew after the initial term in one year periods, unless terminated.  The License Agreement may be terminated in the event of Flexpoint’s bankruptcy.  subVo, LLC may terminate the License Agreement if a court of competent jurisdiction determines the intellectual property is invalid or unenforceable.  In addition, the License Agreement provides that each party shall have the authority to protect the intellectual property against infringement by third parties.



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.


FLEXPOINT SENSOR SYSTEMS, INC.

Date:   June 24 , 2019


/s/ Clark M. Mower

Clark M. Mower

President



2



Flexpoint Sensor Systems, Inc. (PC) (OTCBB:FLXT)
Historical Stock Chart

1 Year : From Dec 2018 to Dec 2019

Click Here for more Flexpoint Sensor Systems, Inc. (PC) Charts.

Flexpoint Sensor Systems, Inc. (PC) (OTCBB:FLXT)
Intraday Stock Chart

Today : Tuesday 10 December 2019

Click Here for more Flexpoint Sensor Systems, Inc. (PC) Charts.

Latest FLXT Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.