Wrap Tech signs $950K tech/services deal with Lumeto and Spatial for VR training platform

WRAP TECHNOLOGIES, INC.

Wrap to pay $700K upfront, $125K on milestone, $125K final for perpetual licenses and services.
Agreement covers cloud infrastructure, training scenarios, and code base for Wrap Reality platform.
Project deadline set for February 28, 2023; one year of maintenance included (100 free hours).
Technology includes customized InvolveXR platform for police training scenarios.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WRAP TECHNOLOGIES, INC. entered into Agreement with Lumeto, Inc. and Spatial Industries Group, Inc. valued at $700,000 (effective 2022-11-22).

Action: entry
Agreement: asset purchase
Counterparty: Lumeto, Inc. and Spatial Industries Group, Inc.
Value: $700,000
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, Wrap Technologies, Inc. (the “ Company ”), entered into a Professional Services and Technology Acquisition Agreement (the “ Agreement ”) with Lumeto, Inc. and Spatial Industries Group, Inc. (collectively, “ Service Provider ”), pursuant to which Service Provider will provide to the Company certain technology, services, and perpetual licenses for use within the Company’s Wrap Reality virtual simulation training platform (the “ Technology, Services, and License ”), in exchange for (a) a cash payment upon the execution of the Agreement of $700,000, (b) a cash payment of $125,000 upon the completion of certain project delivery deadlines, with such delivery deadline projected to be on February 13, 2022, and (c) a cash payment of $125,000 upon the completion and delivery of the final Technology, Services, and License.

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Source: SEC EDGAR

accession 0001851734-22-000705

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