secwatch.observer — SEC 8-K summary
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Issuer:     Ilustrato Pictures International Inc. (—)
CIK:        0001496383
Form:       8-K
Filed at:   2024-02-27T23:59:59+00:00
Accession:  0001213900-24-017265
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ilustrato Pictures transfers seven ERT companies to 71.1%-owned Samsara Luggage for stock and milestone payments
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- Sold 100% equity in Firebug, Georgia Fire, BCD Fire, Bull Head, E-Raptor, TVC, and 51% of ASSS to Samsara Luggage.
- Consideration: 350,000 Series B shares of SAML (350M common shares) plus up to $10M in cash or stock if revenue targets met.
- Milestone payments: $5M for FY2024 revenue ≥$20M; $5M for FY2025 revenue ≥$32M; paid proportionally.
- ILUS now holds 89.1% voting rights in SAML, up from 71.1% after the related-party transaction.
- No customary representations or warranties were exchanged due to related-party nature.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1496383/000121390024017265/0001213900-24-017265-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1496383/000121390024017265/ea0200598-8k_ilustrato.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-017265

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