Document:

Exhibit
10.3

 

ASSET
PURCHASE AGREEMENT 

(PERSONAL
GOODWILL)

 

This
Asset Purchase Agreement (this “Agreement”) is entered into effective as of September 14, 2018 (the “Effective
Date”), between Golden Developing Solutions, Inc., a Nevada corporation (“Purchaser”), on the one
hand, and Tyler Bartholomew, David Lindauer, Bill Anders and Brad Billman (collectively, “Seller”), on the other
hand. Purchaser and Seller are individually referred to as a “Party” and, collectively, as the “Parties.”

RECITALS

Layer
Six Media, Inc., a Delaware corporation, d/b/a Where’s Weed (the “Company”), is in the business of owning
and operating a technology company that provides consumers with information regarding cannabis companies (the “Business”).
The Company and Purchaser entered into an Asset Purchase Agreement of even date herewith (the “Business APA”),
whereby Purchaser is purchasing the Business and all or substantially all of the assets of the Company. In accordance with the
terms and conditions set forth in this Agreement, Purchaser wishes to buy, and Seller wishes to sell, the Assets (as defined below),
which are used in connection with the Business.

AGREEMENT

1.                  
Purchase of the Assets.  Subject to the terms and conditions of this Agreement, Purchaser
agrees to buy, and Seller agrees to sell to Purchaser, Seller’s personal goodwill arising from Seller’s independent
and separate individual and personal efforts related to the Business and Seller’s interest in any intellectual property used
in connection with the Business (collectively, the “Assets”), free and clear of any and all options, liens,
security interests, encumbrances, mortgages, deeds of trust, liabilities, financing statements, pledges, charges, conditions, equitable
claims, covenants, title defects, restrictions or claims of any kind, nature or description whatsoever (collectively, “Liens”).

 

2.      
Purchase Price. 

 

(a)               
Purchase Price. The total purchase price for the Assets shall be Three Million Dollars
($3,000,000.00) (the “Purchase Price”). At Closing, Purchaser shall deliver a promissory note to Seller in the
principal amount of Three Million Dollars ($3,000,000.00) in the form of Exhibit A attached hereto, which shall accrue interest
at a rate of 3% per annum and shall be due and payable in twelve (12) equal consecutive monthly installments of $250,000 on the
first day of the respective month beginning on the 1st day of the fourth (4th) month immediately following the date
of Closing. 

 

3.                  
Liabilities. Notwithstanding anything in this Agreement or otherwise to the contrary,
except liabilities in connection with Material Contracts arising after the date of Closing, Purchaser is not assuming and shall
not assume any of Seller’s liabilities, and Seller is and shall remain fully liable and responsible for all such liabilities.

4.                  
Representations and Warranties of Seller. Seller represents and warrants to Purchaser,
as of the date of this Agreement and as of the date of Closing, as follows: 

(a)   
 Authority. Seller has full power to own and convey all of the Assets. 

(b)   
Enforceability. Seller has the authority to execute this Agreement and to consummate
and perform the transactions provided for in this Agreement. This Agreement and the agreements and instruments referenced in this
Agreement, represent the valid and binding obligations of

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Seller and are enforceable
in accordance with their respective terms, except insofar as the enforceability hereof and thereof may be limited by applicable
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity (whether considered in a proceeding in equity or at law).

(c)   
Non-circumvention. Neither the execution and the delivery of this Agreement, nor
the consummation of the transactions contemplated hereby, will (i) violate any statute, regulation, rule, injunction, judgment,
order decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Seller is subject;
or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the
right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument,
or other arrangement to which Seller is not a party or by which it is bound or to which any of its assets (including the Assets)
is subject. Seller is not required to provide notice to, make any filing with, or obtain any authorization, consent, or approval
of any government or governmental agency in order for the Parties to consummate the transactions contemplated by this Agreement.

(d)   
Assets; Liabilities. Seller has good and marketable title to all of the Assets,
and the Assets, at the time of Closing, will not be subject to any Liens of any nature whatsoever. There are no liabilities related
to the Assets, liquidated, actual or contingent, other than liabilities that will be satisfied by Seller. 

(e)   
Legal Proceedings; Compliance with Laws. There are no private or governmental proceedings
pending, or, to the knowledge of Seller, threatened, against Seller, including without limitation any investigation, audit, lawsuit,
threatened lawsuit, arbitration, worker’s compensation claims, civil rights claims, or other legal proceedings of any nature
whatsoever. Seller is not in material violation of any law, regulation, rule, ordinance, policy, or other governmental requirement
relating to the Assets (other than federal laws prohibiting the possession, distribution and sale of cannabis products). 

(f)                
Intellectual Property. Seller owns or have a valid right to use, all of the Assets,
all of which rights will survive unchanged upon consummation of the transactions contemplated by this Agreement. Other than the
Company, the Seller has not granted to any third party the right to use the Assets. Seller has not interfered with, infringed upon
or misappropriated any intellectual property rights of third parties or committed any acts of unfair competition involving a violation
of a third party’s intellectual property rights, and Seller has not received any written or oral, charge, complaint, claim,
demand or notice alleging any such interference, infringement, misappropriation, or act of unfair competition involving a violation
of a third party’s intellectual property rights. The conduct of the Business and/or usage of the Assets by the Business does
not infringe, misappropriate or violate any intellectual property rights of any third party. Seller has taken commercially reasonable
steps to protect their trade secrets and other confidential information and any trade secret or confidential information of third
parties used in its business. Any trade names, trademarks and service marks included in the Assets are valid, subsisting and enforceable
in every trade territory in which Seller uses such trade names, trademarks and service marks.

(g)               
Taxes. Seller has timely and correctly prepared and filed all tax returns, including,
but not limited to, all federal and state income tax returns and sales/use tax returns, and Seller has paid all taxes due pursuant
to such tax returns as well as all other taxes for which Seller is liable, except for taxes which are accrued but not yet due (which
will be paid by Seller after Closing). Seller is not aware of any actual or threatened tax audit against Seller. Seller has paid
all payroll taxes as and when due, maintain all

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required payroll trust accounts,
and have timely paid all employee and employer withholding taxes into such trust accounts.

(h)               
Obligation to Brokers. Except for obligations to Platform Brokerage as set forth on
Schedule 4(h), Seller has not incurred any obligations for the payment of any broker’s commission, finder’s
fee, or any other similar obligation relating to this Agreement or otherwise due upon the consummation of the transactions provided
for in this Agreement. 

(i)                
Complete Disclosure. This Agreement and the agreements and instruments attached hereto
and to be delivered at the time of Closing do not contain any untrue statement of material fact by Seller. This Agreement and such
related agreements and instruments do not omit to state any material fact necessary in order to make the statements made herein
or therein by Seller, in light of the circumstances under which they are made, not misleading. Prior to the execution of this Agreement,
Seller has made available to Purchaser all material information about the Assets and the Business requested by Purchaser. Such
information is true, accurate and complete in all material respects. 

5.      
Representation and Warranties of Purchaser. Purchaser represents and warrants to Seller,
as of the date of this Agreement and as of Closing, as follows: 

 

(a)   
Enforceability. Purchaser has the authority to execute this Agreement and to consummate
the transactions provided for in this Agreement. The execution and delivery of this Agreement and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Purchaser and
no further action is required by the Company, its Board of Directors or the Purchaser’s stockholders in connection herewith
or therewith. This Agreement and the agreements and instruments referenced herein represent the valid and binding obligations of
Purchaser and are enforceable in accordance with their respective terms, except insofar as the enforceability hereof and thereof
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally and by general principles of equity (whether considered in a proceeding in
equity or at law). 

 

(b)   
Obligation to Brokers. Except for obligations to Platform Brokerage as set forth on
Schedule 5(b), Purchaser has not incurred any obligations for the payment of any broker’s commission, finder’s fee,
or any other similar obligation relating to this Agreement or otherwise due upon the consummation of the transactions provided
for in this Agreement. 

 

(c)   
Absence of Violations and Conflicts. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby will (i) violate any statute, regulation, rule, injunction,
judgment, order decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Purchaser
is subject or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any
party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license,
instrument, or other arrangement to which Purchaser is a party or by which it is bound or to which any of its assets is subject.
Purchaser does not need to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government
or governmental agency in order for the Parties to consummate the transactions contemplated by this Agreement, except for the required
transfer of ownership application submission to the local and state marijuana licensing authorities. 

 

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(d)   
Complete Disclosure. This Agreement and the agreements and instruments attached hereto
and to be delivered at the time of Closing do not contain any untrue statement of material fact by Seller. This Agreement and such
related agreements and instruments do not omit to state any material fact necessary in order to make the statements made herein
or therein by Seller, in light of the circumstances under which they are made, not misleading. Prior to the execution of this Agreement,
Seller has made available to Purchaser all material information about the Assets and the Business requested by Purchaser. Such
information is true, accurate and complete in all material respects. 

 

6.      
Information. Prior to the execution Business this Agreement, Seller provided Purchaser
with information relating to Seller, the Assets and the Business, including, without limitation, access to the assets and operations
of Seller. From and after the date of this Agreement and continuing through Closing, Seller will continue to make available to
Purchaser all information required under this Agreement or otherwise reasonably requested by Purchaser with respect to Seller,
the Assets and/or the Business. 

 

7.      
Closing Matters. The following shall occur at Closing: 

 

(a)   
Purchaser shall execute and deliver the Promissory Note in the form of Exhibit A attached
hereto to Seller;

 

(b)   
Seller and Purchaser shall execute and deliver the Assignment and Bill of Sale in the form
of Exhibit B attached hereto.

 

8.      
Closing. The closing of the transactions provided for in this Agreement (the “Closing”)
shall occur on or before September 14, 2018, at a date, time and location to be agreed upon by Seller and Purchaser. 

9.      
Indemnification. 

(a)   
Seller’s Indemnity. Seller agrees to indemnify and hold harmless Purchaser and
its officers, directors, managers, partners, shareholders, members, employees, contractors, attorneys, representatives, successors,
and assigns (the “Purchaser Indemnitees”) from and against any and all costs, losses, liabilities, damages,
litigation, claims, costs, and expenses, including reasonable attorneys’ fees and other expenses of investigation and defense
(collectively, “Damages”) to which Purchaser Indemnitees may become subject or which are incurred in connection
with, arise out of, result from, or are attributable to any breach of the terms of this Agreement or any certificate or other document
delivered hereunder or pursuant hereto by Seller, including, without limitation, any breach of any representation or warranty made
by Seller or the failure by Seller to perform any of the covenants or obligations contained in this Agreement or in any certificate
or other document delivered hereunder or pursuant this Agreement. In addition, Seller will indemnify and hold harmless the Purchaser
Indemnitees for any Damages to which the Purchaser Indemnitees may become subject or which are incurred in connection with, arise
out of, result from, or are attributable to: (i) any breach by the operation of Seller before Closing and/or any use of the Assets
before Closing; (ii) any fraud or intentional misrepresentation of Seller, (iii) any and all taxes, fines, interest and/or penalties
of Seller for all taxable periods ending on or before Closing; (iv) any and all taxes, fines, interest and/or penalties for failure
to pay taxes imposed on Seller as a transferee or successor, by contract or pursuant to any law, rule, or regulation, which taxes
relate to an event or transaction occurring before or on Closing; or (v) any and all taxes, fines, interest and/or penalties for
failure to pay taxes imposed on the Purchaser Indemnitees related to the tax treatment of the purchase of the Assets. 

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(b)   
Purchaser’s Indemnity. Purchaser agrees that it will indemnify and hold harmless
Seller and its respective officers, directors, managers, partners, shareholders, members, employees, contractors, attorneys, representatives,
successors, and assigns (the “Seller Indemnitees”) from and against any and all Damages to which the Seller
Indemnitees may become subject to or which are incurred in connection with, arise out of, result from, or are attributable to any
material breach of the terms of this Agreement or any certificate or other document delivered hereunder by Purchaser, including
any breach of any representation or warranty made by Purchaser, or the failure by Purchaser to perform any of the covenants or
obligations contained in this Agreement or in any certificate or other document delivered hereunder or pursuant to this Agreement,
or any use of the Assets after Closing. In addition, Purchaser will indemnify and hold harmless the Seller Indemnitees for any
Damages to which the Seller Indemnitees may become subject or which are incurred in connection with, arise out of, result from,
or are attributable to: (i) any use of the Assets after Closing; (ii) any fraud or intentional misrepresentation of Purchaser,
(iii) any and all taxes, fines, interest and/or penalties of Purchaser for all taxable periods after Closing; or (iv) any and all
taxes, fines, interest and/or penalties for failure to pay taxes imposed on Purchaser and/or the Business as a transferee or successor,
by contract or pursuant to any law, rule, or regulation, which taxes relate to an event or transaction occurring after Closing.
Notwithstanding anything in this Agreement to the contrary, the Purchaser shall not indemnify the Seller Indemnitees for any taxes,
fines, interest and/or penalties for failure to pay taxes imposed on the Seller Indemnitees related to the tax treatment of the
purchase of the Assets.

(c)   
Remedies. Any Party obligated to provide indemnification pursuant to this Section
9 (the “Indemnifying Party”) shall promptly reimburse the Party entitled to indemnification hereunder (the
“Indemnified Party,”) for the amount of any judgment rendered against the Indemnified Party with respect to
any claim by a third party in litigation or upon request by the Indemnified Party for any other Damages arising out of any claim
not involving a third party. To the extent that the Indemnifying Party refuses to pay in full the Damages owed to the Indemnified
Party, the Indemnified Party may: (i) offset the Damages against any payments the Indemnified Party may owe the Indemnifying Party;
and (ii) utilize any legal or equitable remedy to collect from the Indemnifying Party the amount of such Damages. Nothing contained
herein is intended to limit or constrain the Indemnified Party’s rights against the Indemnifying Party for indemnity, the
remedies herein being cumulative and in addition to all other rights and remedies of the Indemnified Party at law or in equity.

(d)   
Dispute Resolution. In the event of any dispute under this Section 9, the Parties
agree to use their best efforts to attempt to resolve such dispute in good faith through direct negotiation between the Parties
within thirty (30) days after notice of the claim for indemnification is delivered by the Indemnified Party to the Indemnifying
Party. The prevailing Party shall be entitled to recover its attorneys’ fees, court costs, and other collection expenses,
in addition to any other relief it may receive in connection with its enforcement of this Agreement or if it is the prevailing
Party in any such dispute.

 

(e)   
Indemnification Cap. Notwithstanding anything in this Agreement to the contrary, except
for Purchaser’s obligation to pay the Purchase Price, each Party’s liability to the other Party under this Agreement
shall not exceed $1,000,000 (the “Indemnification Cap”). Each Seller’s liability to Purchaser shall be
several and not joint and shall not exceed the product of the respective Seller’s percentage interest in the Promissory Note
(as set forth on Schedule 1 to the Promissory Note) multiplied by the Indemnification Cap. 

 

10.  
Seller’s Post-Closing Covenants. From and after the time of Closing, Seller covenants
and agrees as follows: 

 

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(a)   
Tax Allocations. In accordance with Section 1060 of the Internal Revenue Code of 1986,
as amended from time to time, and the regulations promulgated thereunder (the “Code”), Seller and Purchaser
agree to allocate the Purchase Price on a reasonable good faith basis among the various Assets acquired by Purchaser on or prior
to Closing (the “Allocation”). Sellers and Purchaser each shall file an Internal Revenue Service Form 8594,
and all federal, state and local tax returns, in accordance with the Allocation. Sellers and Purchaser shall promptly provide the
other with any information required to complete Internal Revenue Service Form 8594. Sellers and Purchaser shall notify and provide
the other with reasonable assistance in the event of an examination, audit or other proceeding regarding any allocation of the
Purchase Price. Except as required by applicable law, Sellers and Purchaser shall not take any position in any tax return, tax
proceeding or audit that is inconsistent with the Allocation.

 

(b)   
Further Assurances. Until thirty (30) days following the Closing, each Party will take
all steps reasonably necessary to carry out the intent of this Agreement, including, but not limited to, by executing and delivering,
or causing to be executed and delivered, such further instruments or documents as reasonably requested by Purchaser. 

 

11.  
Miscellaneous. 

(a)   
Default. Any breach by the Company of that certain Asset Purchase Agreement of even
date herewith between the Company and Purchaser shall constitute a breach by Seller of this Agreement; provided that the Company
fails to cure any such breach within any applicable cure period or, if no such period is specified, within thirty (30) days thereof.
Furthermore, any breach by Purchaser of that certain Asset Purchase Agreement of even date herewith between the Company and Purchaser
shall constitute a breach by Purchaser of this Agreement; provided that Purchaser fails to cure any such breach within any applicable
cure period or, if no such period is specified, within thirty (30) days thereof. 

 

(b)   
Survival of Agreement. This Agreement, and all terms, warranties and provisions hereof
will be true and correct as of the time of Closing and will survive the Closing for a period of three (3) years following the Closing.

 

(c)   
Notices. All notices required or permitted hereunder or under any related agreement
or instrument (unless such related agreement or instrument otherwise provides) will be deemed delivered when delivered personally,
mailed, by certified mail, return receipt requested, or registered mail, or sent by a nationally recognized overnight courier to
the respective Party at the following addresses or to such other address as each respective Party may in writing hereafter designate:

 

	
        If to Purchaser:

         
	
        Golden Developing
        Solutions, Inc.

        Attention:

        900 RR 620 So. #C
        101-143

        Austin, TX 78734

         

	 If to Seller:	
        David Lindauer

        2620 S. Parker Rd. #278

        Aurora, CO 80014

         

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	With a copy to:	
        JW Attorneys, P.C.

        Attention: Jeremy S.
        Wysocki, Esq.

        10223 Bluffmont Dr.

        Lone Tree, CO 80124

 

(d)   
Successors and Assigns. This Agreement will be binding upon the Parties hereto and
their respective successors, personal representatives, heirs and assigns. Neither Party may assign any of its rights or obligations
under this Agreement except with the prior written consent of other Party, provided that Purchaser may assigns its rights and obligations
to an affiliate upon written notice to Purchaser. 

 

(e)   
Merger. This Agreement and the exhibits and other documents, agreements, and instruments
related hereto, set forth the entire agreement of the Parties with respect to the subject matter hereof and may not be amended
or modified except in writing subscribed to by the Parties. The recitals are incorporated herein by reference. 

 

(f)    
Governing Law. This Agreement is entered into in the state of Colorado and all issues
arising hereunder shall be interpreted and governed in all respects by the laws of such state (without regard to the conflict of
law principles thereof). 

 

(g)   
Sales Taxes. Purchaser shall pay any sales and use taxes owed to the state of Colorado
and/or any political subdivision or taxing authority in the state of Colorado which may arise from Purchaser’s purchase of
the Assets. 

 

(h)   
Modification or Severance. In the event that any provision of this Agreement is found
by any court or other authority of competent jurisdiction to be illegal or unenforceable, such provision shall be severed or modified
to the extent necessary to render it enforceable and as so severed or modified, this Agreement will remain in full force and effect.

 

(i)    
Captions. The captions in this Agreement are included for convenience only and shall
not in any way affect the interpretation of any of the provisions hereof. 

 

(j)    
Counterpart; Facsimile. This Agreement may be executed in counterparts, each of which
shall be deemed an original, and all of which when affixed together shall constitute but one and the same instrument. Signatures
exchanged by facsimile shall be deemed original signatures for all purposes. 

 

[Signature
Page Follows]

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IN WITNESS
WHEREOF, the Parties have read and entered into this Asset Purchase Agreement as of the date above written.

	SELLER:	PURCHASER:
	
        

         

         
	
        GOLDEN DEVELOPING
        SOLUTIONS, INC.,

        a Nevada corporation

	Solely as to Section 9 of this Asset Purchase	By:
	Agreement:	Name:
		Title:
	 	 
	 	 
	Tyler Bartholomew	 
	 	 
	 	 
	David Lindauer	 
	 	 
	 	 
	Bill Anders	 
	 	 
	 	 
	Brad Billman	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SCHEDULE 4(h)

		TO	

ASSET
PURCHASE AGREEMENT 

 

(SELLER’S
OBLIGATION TO PLATFORM BROKERAGE)

 

 

January 1, 2019 -
$50,000

February 1, 2019 -
$50,000

March 1, 2019 - $50,000

December 1, 2019 -
$100,000

 

 

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SCHEDULE 5(b)

		TO	

ASSET
PURCHASE AGREEMENT 

 

(PURCHASER’S
OBLIGATION TO PLATFORM BROKERAGE)

 

 

Payments under Promissory
Note dated September 14, 2018 in the principal amount of $80,000 issued by Purchaser to Platform Brokerage.

 

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EXHIBIT A

TO

ASSET PURCHASE AGREEMENT

 

(PROMISSORY NOTE)

 

 

See attachment.

 

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Exhibit 4.1

  

PROMISSORY
NOTE

 

	$3,000,000.00	 	September 14, 2018
	 	 	Denver, Colorado

 

For consideration received,
Golden Developing Solutions, Inc., a Nevada corporation (“Maker”), agrees to pay to the order of Tyler Bartholomew,
David Lindauer, Bill Anders and Brad Billman (collectively, “Holders”) the principal sum of Seven Hundred Fifty
Dollars ($3,000,000.00), plus interest at a rate of three percent (3%) per annum or such other amount as adjusted below.

1.                  
Payment Terms. Principal and accrued interest under this Promissory Note (this “Note”)
shall be due and payable in twelve (12) equal and consecutive monthly payments on the 1st day of each respective month
beginning on the 4th month immediately following the date of this Note. All payments due under this Note shall be made
when due to Holder on a pro rata basis as set forth on Schedule 1 attached hereto. Maker may prepay the principal amount
outstanding in whole or in part at any time without penalty or premium. 

 

2.                  
Default. Any default in the payment of principal or interest, or any failure by Maker
to perform any of the obligations of Maker under this Note, shall constitute a default as to the entire amount of principal and
interest then remaining unpaid, provided that Holders provide Maker with written notice of such default and/or failure and Makers
fails to cure such default and/or failure within ten (10) days thereof. This Note shall further be in default in the event: (i)
Maker breaches that certain Asset Purchase Agreement dated September 14, 2018 between Maker and Holder and fails to cure any such
breach within any applicable cure period, or, if no such period is specified, within thirty (30) days thereof; or (ii) Maker files
for bankruptcy protection, makes an assignment of all of its assets for the benefit of his or its creditors, consents to the filing
of an involuntary bankruptcy petition or fails to have any such involuntary bankruptcy petition dismissed within 120 days of filing.
Upon the occurrence of any such default, this Note shall become immediately due and payable without presentment, demand, protest
or other notice of any kind. From and after the date of any such default, all principal then due hereunder shall thereafter accrue
interest at a rate of fifteen percent (15%) per annum. 

 

3.                  
Acknowledgment. The loan represented by this Note is solely for commercial and business
purposes and is not made in connection with a consumer transaction. The loan represented by this Note is not for personal, family,
agricultural or household purposes. The loan represented by this Note is not a consumer loan within the meaning of the Uniform
Consumer Credit Code (“UCCC”), and, accordingly, the UCCC shall not apply to this Note. 

 

4.                  
Governing Law. This Note is entered into in Denver, Colorado and shall be governed
by the laws of the state of Colorado (without regard to its conflict of laws principles). Maker submits to the jurisdiction of
the courts in and for Denver, Colorado. 

 

5.                  
Assignment. Neither Maker nor Holders may assign any of its rights or obligations under
this Note except with the prior written consent of the other. Subject to the first sentence of this Section 5, this Note is binding
upon and shall inure to the benefit of the parties hereto and their respective successors, heirs, legal representatives, and permitted
assigns.

 

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6.                  
Amendments. This Note may not be amended or modified except by an instrument in writing
expressing such intention executed by Maker and Holders, which writing must be so firmly attached to this Note as to become a permanent
part thereof. 

 

7.                  
Weekends/Holidays. If any payment hereunder is required to be made on any date which
is a Saturday, Sunday or federal or Colorado bank holiday, such payment shall be made on the next succeeding day on which banks
in Colorado are open for business with the same force and effect as if made on the date as originally required.

 

8.                  
Usury. It is the intention of Maker and Holders to conform strictly to applicable usury
laws. Accordingly, no provision of this Note or any agreement entered into in connection with or as security for this Note shall
permit Holder to charge, receive, take, or reserve interest in excess of lawful amounts. If any excess occurs, the effective rate
of interest shall automatically be reduced to the maximum rate allowed by applicable law (including the laws of the state of Colorado
and the United States of America). 

 

9.                  
Severability. In the event any one or more of the provisions contained in this Note
shall for any reason be held by any court or other authority of competent jurisdiction to be invalid, illegal, or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Note, but this Note
shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

 

IN WITNESS WHEREOF, Maker
has caused this Secured Promissory Note to be duly executed and dated, under seal, effective as of the day and year first above
written.

	GOLDEN DEVELOPING SOLUTIONS, INC.,	 
	a Nevada corporation	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 

 

 

 

 

 

 

 

 

 

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SCHEDULE
1

		TO	

PROMISSORY
NOTE

 

Tyler
Bartholomew – 42.5%

 

David
Lindauer – 42.5%

 

Bill
Anders - 10%

 

Brad
Billman - 5%

	
         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

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EXHIBIT B

TO

ASSET PURCHASE AGREEMENT

 

(ASSIGNMENT AND
BILL OF SALE)

 

 

See attachment.

    	15 

    	 

    

ASSIGNMENT AND BILL
OF SALE

 

THIS
ASSIGNMENT AND BILL OF SALE (this “Assignment”) is entered into effective as of September 14, 2018, by Tyler
Bartholomew, David Lindauer, Bill Anders and Brad Billman (collectively, “Seller”) for the benefit of Golden
Developing Solutions, Inc., a Nevada corporation (“Purchaser”).

 

RECITALS

 

Seller
and Purchaser entered into an Asset Purchase Agreement dated September 14, 2018 (the “Purchase Agreement”).
The Purchase Agreement provides for the purchase by Purchaser from Seller of the “Assets” (as defined in the
Purchase Agreement), which includes Seller’s personal goodwill arising from Seller’s independent and separate individual
and personal efforts related to the Business (as defined in the Purchase Agreement) and Seller’s interest in any intellectual
property used in connection with the Business.

 

AGREEMENT

 

Seller
hereby warrants, covenants and agrees as follows:

 

1.                 
Assignment. In accordance with the terms and conditions of the Purchase Agreement,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller does hereby sell, transfer,
convey, assign and deliver unto Purchaser, its successors and assigns, all of the Assets, as such term is defined in the Purchase
Agreement, including, without limitation, all of the assets set forth on Schedule 1 attached hereto, free and clear of any
and all options, liens, security interests, encumbrances, mortgages, deeds of trust, liabilities, financing statements, pledges,
charges, conditions, equitable claims, covenants, title defects, restrictions or claims of any kind, nature or description whatsoever
(collectively, “Liens”), to have and to hold said Assets unto Purchaser, its successors and assigns, to and
for its and/or their use forever. 

 

2.                 
Title. Seller has good and marketable title to the Assets hereby sold, transferred,
conveyed, assigned and delivered to Purchaser, free and clear of all Liens, and Purchaser will receive hereby such good and marketable
title thereto. 

 

3.                 
Warranty. Seller warrants and will defend the sale, transfer, conveyance, assignment
and conveyance of the Assets hereunder against each and every person or persons claiming against any or all of the same. 

 

4.                 
Further Assurances. Seller will take all steps necessary to put Purchaser or its successors
and assigns in actual possession and operating control of the Assets, to carry out the intent of the Purchase Agreement and this
Assignment, or to more effectively sell, transfer, convey, assign and reduce to possession and record to title any of the Assets,
including by executing and delivering, or causing to be executed and delivered, such further instruments or documents of transfer,
assignment and conveyance, or by taking such other actions as may be requested by Purchaser. 

 

5.                 
Independent Covenants. This Assignment is subject in all respects to the terms and
conditions of the Purchase Agreement. Nothing contained in this Assignment shall be deemed to diminish

    	16 

    	 

    

any of the obligations, agreements,
covenants, representations, or warranties of Seller contained in the Purchase Agreement.

 

6.                 
Interpretation. Unless otherwise defined herein, capitalized terms used herein shall
have the meanings given such terms in the Purchase Agreement. The recitals above are incorporated by reference into this Assignment.

 

7.                 
Governing Law; Amendment. This Assignment shall be governed in all respects by the
laws of the state of Colorado (without regards to the conflict of law principles thereof). Seller submits to the jurisdiction of
the courts in and for the state of Colorado. No change in or amendment to this Assignment shall be valid unless set forth in a
writing signed by both Purchaser and Seller. THE PARTIES ACKNOWLEDGE THAT (A) COLORADO HAS PASSED AMENDMENTS TO THE COLORADO CONSTITUTION
AND ENACTED CERTAIN LEGISLATION TO GOVERN THE CANNABIS INDUSTRY AND (B) THE POSSESSION, SALE, MANUFACTURE, AND CULTIVATION OF CANNABIS
IS ILLEGAL UNDER FEDERAL LAW. THE PARTIES WAIVE ANY DEFENSES BASED UPON INVALIDITY OF CONTRACTS FOR PUBLIC POLICY REASONS AND/OR
THE SUBSTANCE OF THE CONTRACT VIOLATING FEDERAL LAW.

 

8.                 
Counterparts. This Assignment may be executed in counterparts, each of which shall
be deemed an original, and all of which when affixed together shall constitute but one and the same instrument. Signatures exchanged
by facsimile shall be deemed original signatures for all purposes. 

 

[Signature Page
Follows.]

    	17 

    	 

    

This
Assignment and Bill of Sale is entered into effective as of the date first above written. 

	SELLER:	 
	 	 
	Solely as to Section 9 of this Asset Purchase	 
	Agreement:	 
	 	 
	 	 
	Tyler Bartholomew	 
	 	 
	 	 
	David Lindauer	 
	 	 
	 	 
	Bill Anders	 
	 	 
	 	 
	Brad Billman	 

 

 

 

    	18 

    	 

    

 

SCHEDULE 1

TO

ASSIGNMENT AND
BILL OF SALE

Seller’s
personal goodwill arising from Seller’s independent and separate individual and personal efforts related to the Business
and Seller’s interest in any intellectual property used in connection with the Business.Exhibit 10.4

 

ASSET PURCHASE AGREEMENT

 

This
Asset Purchase Agreement (this “Agreement”) is entered into effective as of March , 2019 (the “Effective
Date”), between Golden Developing Solutions, Inc., a Nevada corporation (“Purchaser”), and Infusionz,
LLC, a Colorado limited liability company (“Seller”). Purchaser and Seller are individually referred to as a
“Party” and, collectively, as the “Parties.”

 

RECITALS

 

Seller
is in the business of owning and operating a CBD company that provides consumers and retailers nutraceutical non-thc cannabis products
(the “Business”). In accordance with the terms and conditions set forth in this Agreement, Purchaser wishes
to buy, and Seller wishes to sell, the Assets (as defined below), which are used in connection with the Business.

 

AGREEMENT

 

		1.	Purchase of the Assets.

 

(a) 
Assets. Subject to the terms and conditions of this Agreement, Purchaser agrees to buy, and Seller agrees to sell to Purchaser,
all or substantially all of the assets of Seller, including, without limitation, the assets set forth on Schedule 1(a) hereto
(collectively, the “Assets”), free and clear of any and all options, liens, security interests, encumbrances,
mortgages, deeds of trust, liabilities, financing statements, pledges, charges, conditions, equitable claims, covenants, title
defects, restrictions or claims of any kind, nature or description whatsoever (collectively, “Liens”).

 

(b) 
The Assets do not include the assets listed on Schedule 1(b) attached hereto and incorporated herein by reference
(the “Excluded Assets”).

 

		2.1.	Purchase Price.

 

(a) 
Purchase Price. The total purchase price for the Assets shall be $5,300,000 (five- million three-hundred-thousand dollars)
to be paid as follows (the “Purchase Price”):

 

(i)  
Stock Consideration. At Closing, Purchaser shall deliver the number of its shares of common stock with a restrictive legend
equal to a fair market value of $2,600,000. The share amount shall be calculated by dividing 2,600,000 by the lesser of: (i) the
VWAP of the Purchaser’s shares of common stock on the OTC Pink marketplace; or (ii) the closing price of the Purchaser’s
shares of common stock on the OTC Pink marketplace, both (i) and (ii) upon the closing of the OTC Pink marketplace the business
day immediately prior to the date of Closing (the “Stock Consideration”) to Seller’s shareholders (collectively,
the “Shareholders”) as set forth on Exhibit A;

 

(ii)  
Cash Payment. Purchaser shall provide a total of $300,000 over three months to a to- be-formed subsidiary of the Purchaser
that will own the Assets (the “Subsidiary”), the first payment

    	1 

    	 

    

of $100,000 will
be made at Closing, the second payment of $100,000 will be made on the first day of the month subsequent to the Closing, and the
third payment of $100,000 will be made on the first day of the second month subsequent to the closing.

 

(iii) 
Promissory Note. At Closing, Purchaser shall deliver a promissory note to Seller in the principal amount of $2,400,000 in
the form of Exhibit B attached hereto (the “Note”), which shall accrue interest at a rate of 3% per annum
and shall be due and payable in twenty-four (24) equal consecutive monthly installments of $100,000 beginning on the first day
of the third month following Closing.

 

		2.2.	Additional Compensation for Seller.

 

(a) 
During the term in which there is a balance owed on the Note, and if Purchaser fails to make payment on the Note, Seller
will have, at its discretion, the option to retain all monies collected from previous payments (including any previous sales of
a portion or the entire amount of shares received as Stock Consideration) and retain
stock options, however Seller will return the Stock Consideration, and the Purchaser shall then transfer all the equity of the
Subsidiary (in the event the Subsidiary’s operations solely relate to the Assets) or shall return the Assets (in the event
the Subsidiary’s operations do not solely relate to the Assets) to the Seller, thereby unwinding the transaction contemplated
by this APA. This option will allow Seller to reassume control equivalent to the pre-transaction structure in the event Purchaser
defaults on the payment of the Note.

 

(b) 
Stock options. Nate Weinberg and Joe Reid (members of the Seller) will each receive, pursuant to the employment agreements
to be entered into between each of them and the Purchaser at Closing (the “Employment Agreements”), stock options.
Nate Weinberg will receive stock options with a fair market value of $1,200,000 million in accordance with the terms and conditions
of Purchaser’s stock option plan. Joe Reid will receive stock options with a fair market value of $800,000 in accordance
with the terms and conditions of Purchaser’s stock option plan.

 

(c)  
Earn Out. The Purchaser will make a total earn out payment of up to $2,000,000 such that Nate Weinberg and Joe Reid will
each receive over a period of four years, pursuant to the Employment Agreements, a total of $1 million in cash ($250,000 each year)
if the following gross revenue milestones are met by the Subsidiary based on the operations involving the Assets. Each payment
of $250,000 shall be paid within thirty (30) days of each anniversary of the Effective Date detailed below if the gross revenue
milestones are met by the Subsidiary:

 

		(i)	From the Effective Date to the first anniversary of the Effective Date: $4 million;

		(ii)	From the first anniversary of the Effective Date to the second anniversary
	 	 	of the Effective Date: $9 million;

		(ii)	From the second anniversary of the Effective Date to the third anniversary
	 	 	of the Effective Date: $18 million; and

		(ii)	From the third anniversary of the Effective Date to the fourth anniversary
	 	 	of the Effective Date: $30 million.

 

    	2 

    	 

    

(d) 
Board Seats. Purchaser will appoint Nate Weinberg (a member of the Seller) to its Board of Directors (the “Board”)
of the Purchaser promptly following the Closing. In the event of Mr. Weinberg’s removal or resignation from the Board, Mr.
Weinberg will have the right to designate a person to be appointed to the Board for so long as Mr. Weinberg remains a shareholder
of the Purchaser.

 

3.  
Liabilities. Notwithstanding anything in this Agreement or otherwise to the contrary, except liabilities in connection
with Material Contracts arising after the date of Closing, Purchaser is not assuming and shall not assume any of Seller’s
liabilities, and Seller is and shall remain fully liable and responsible for all such liabilities.

 

4. 
Representations and Warranties of Seller. Seller represents and warrants to Purchaser, as of the date of this Agreement
and as of the date of Closing, as follows:

 

(a)  
Authority. Seller is a limited liability company duly formed, validly existing and in good standing under the laws of the
state of Colorado. Seller is qualified to do business in the state of Colorado. Seller has full power to own and convey all of
the Assets and the conduct the Business as historically conducted by Seller.

 

(b)  
Enforceability. Seller has the authority to execute this Agreement and to consummate and perform the transactions provided
for in this Agreement. This Agreement and the agreements and instruments referenced in this Agreement, represent the valid and
binding obligations of Seller and are enforceable in accordance with their respective terms, except insofar as the enforceability
hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally and by general principles of
equity (whether considered in a proceeding in equity or at law).

 

(c)  
Non-circumvention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, will (i) violate any statute, regulation, rule, injunction, judgment, order decree, ruling, charge, or other restriction
of any government, governmental agency, or court to which Seller is subject; or (ii) conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require
any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Seller is not a party or by
which it is bound or to which any of its assets (including the Assets) is subject. Seller is not required to provide notice to,
make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the
Parties to consummate the transactions contemplated by this Agreement.

 

(d)  
Assets; Liabilities. Seller has good and marketable title to all of the Assets, and the Assets, at the time of Closing,
will not be subject to any Liens of any nature whatsoever. There are no liabilities related to the Assets, liquidated, actual or
contingent, other than liabilities that will be satisfied by Seller.

 

(e)  
Material Contracts. The contracts and agreements set forth on Schedule 5(e) attached hereto (the “Material
Contracts”) are to be assigned to and assumed by Purchaser at Closing. True,

    	3 

    	 

    

accurate and complete
copies of all Material Contracts have been provided to Purchaser. The Material Contracts are valid, binding and enforceable in
accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity. Except as set
forth on Schedule 5(e), all of the Material Contracts will be validly assigned to Purchaser at Closing. As a result of such
assignment, Purchaser will have full right to enforce the Material Contracts and to enjoy all privileges of such Material Contracts.
None of the Material Contracts is in default, nor is Seller aware of any claim or penalty against Seller, which has accrued or
which will accrue as a result of the Closing hereunder or for any other reason under any Material Contract.

 

(f)  
Financial Statements. The financial statements of Seller set forth on Schedule 5(f) attached hereto (the “Financial
Statements”) fairly present the financial position of Seller as of the respective dates thereof and the results of the
operations of Seller for the periods indicated. The Financial Statements are not misleading in any material respect.

 

(g) 
Operations Since the Financial Statements. Since the date of the most recent Financial Statement for each respective Seller,
there has not been and there will not be through the date of Closing:

 

		(i)	Any change in the Business, results of operations, assets, financial condition
or manner of conducting the Business of Seller, which has or may be reasonably expected to have a material adverse effect on the
Business, results of operations, the Assets or financial condition of Seller;

 

		(ii)	Any decrease in the net book value of the Assets or the Business shown on
the most recent balance sheet included within the Financial Statements of each respective Seller;

 

		(iii)	Any damage, destruction, or loss (whether or not covered by insurance) which
has or may reasonably be expected to have a material adverse effect upon the Assets or the Business;

 

		(iv)	Any transaction or action by Seller outside of the ordinary course of business
or any other action that would materially adversely affect the Assets or the Business; or

 

		(v)	Any entering into, amendment, or termination by Seller of any material contract
or other agreement in connection with the Assets and/or the Business, other than in the ordinary course of business or as otherwise
contemplated by this Agreement and the transactions contemplated under this Agreement.

 

(h)   
Legal Proceedings; Compliance with Laws. There are no private or governmental proceedings pending, or, to the knowledge
of Seller, threatened, against Seller, including without limitation any investigation, audit, lawsuit, threatened lawsuit, arbitration,
worker’s compensation claims, civil rights claims, or other legal proceedings of any nature whatsoever. Seller is not in
material violation of any law, regulation, rule, ordinance, policy, or other governmental requirement relating to the Assets (other
than federal laws prohibiting the possession, distribution and sale of cannabis products).

 

		(i)	Intellectual Property. Seller owns or have a valid right to use, all of the Assets, all of

    	4 

    	 

    

which rights will
survive unchanged upon consummation of the transactions contemplated by this Agreement. Seller has not granted to any third party
the right to use the Assets. Seller has not interfered with, infringed upon or misappropriated any intellectual property rights
of third parties or committed any acts of unfair competition involving a violation of a third party’s intellectual property
rights, and Seller has not received any written or oral, charge, complaint, claim, demand or notice alleging any such interference,
infringement, misappropriation, or act of unfair competition involving a violation of a third party’s intellectual property
rights. The conduct of the Business and/or usage of the Assets by the Business does not infringe, misappropriate or violate any
intellectual property rights of any third party. Seller has taken commercially reasonable steps to protect their trade secrets
and other confidential information and any trade secret or confidential information of third parties used in its business. Any
trade names, trademarks and service marks included in the Assets are valid, subsisting and enforceable in every trade territory
in which Seller uses such trade names, trademarks and service marks.

 

(j) 
Employees. No disputes or claims against Seller exist on behalf of any party claiming to be an employee or former employee
of Seller including, but not limited to, claims of employment discrimination, violation of wage and hour laws, or claims relating
to past unpaid compensation.

 

(k) 
Employment. There are no disagreements or controversies pending, or to the knowledge of Seller, threatened in connection
with any employee of Seller, nor has any such employee made any claims or complaints regarding the services or products provided
by Seller. There are no special relationships (personal or otherwise, such as payment in kind arrangements) between Seller and
any employee of Seller that would affect or interfere with the ability of Purchaser to continue the employment relationship on
an ongoing basis.

 

(l) 
Taxes. Seller has timely and correctly prepared and filed all tax returns, including, but not limited to, all federal and
state income tax returns and sales/use tax returns, and Seller has paid all taxes due pursuant to such tax returns as well as all
other taxes for which Seller is liable, except for taxes which are accrued but not yet due (which will be paid by Seller after
Closing). Seller is not aware of any actual or threatened tax audit against Seller. Seller has paid all payroll taxes as and when
due, maintain all required payroll trust accounts, and have timely paid all employee and employer withholding taxes into such trust
accounts.

 

(m)  
Obligation to Brokers. Except for obligations to Platform Brokerage, Seller has not incurred any obligations for the payment
of any broker’s commission, finder’s fee, or any other similar obligation relating to this Agreement or otherwise due
upon the consummation of the transactions provided for in this Agreement.

 

(n)  
Complete Disclosure. This Agreement and the agreements and instruments attached hereto and to be delivered at the time of
Closing do not contain any untrue statement of material fact by Seller. This Agreement and such related agreements and instruments
do not omit to state any material fact necessary in order to make the statements made herein or therein by Seller, in light of
the circumstances under which they are made, not misleading. Prior to the execution of this Agreement, Seller has made available
to Purchaser all material information about the Assets and the Business requested by Purchaser. Such information is true, accurate
and complete in all material respects.

    	5 

    	 

    

6. 
Representation and Warranties of Purchaser. Purchaser represents and warrants to Seller, as of the date of this Agreement
and as of Closing, as follows:

 

(a)    
Enforceability. Purchaser has the authority to execute this Agreement and to consummate the transactions provided for in
this Agreement. This Agreement and the agreements and instruments referenced herein represent the valid and binding obligations
of Purchaser and are enforceable in accordance with their respective terms, except insofar as the enforceability hereof and thereof
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally and by general principles of equity (whether considered in a proceeding in
equity or at law).

 

(b) 
Obligation to Brokers. Except for obligations to Platform Brokerage, Purchaser has not incurred any obligations for the
payment of any broker’s commission, finder’s fee, or any other similar obligation relating to this Agreement or otherwise
due upon the consummation of the transactions provided for in this Agreement.

 

(c)  
Absence of Violations and Conflicts. Neither the execution and the delivery of this Agreement, nor the consummation of the
transactions contemplated hereby will (i) violate any statute, regulation, rule, injunction, judgment, order decree, ruling, charge,
or other restriction of any government, governmental agency, or court to which Purchaser is subject or (ii) conflict with, result
in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate,
modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which
Purchaser is a party or by which it is bound or to which any of its assets is subject. Purchaser does not need to give any notice
to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for
the Parties to consummate the transactions contemplated by this Agreement, except for the required transfer of ownership application
submission to the local and state marijuana licensing authorities.

 

(d)  
Complete Disclosure. This Agreement and the agreements and instruments attached hereto and to be delivered at the time of
Closing do not contain any untrue statement of material fact by Seller. This Agreement and such related agreements and instruments
do not omit to state any material fact necessary in order to make the statements made herein or therein by Seller, in light of
the circumstances under which they are made, not misleading. Prior to the execution of this Agreement, Seller has made available
to Purchaser all material information about the Assets and the Business requested by Purchaser. Such information is true, accurate
and complete in all material respects.

 

7.    
Information. Prior to the execution of this Agreement, Seller provided Purchaser with information relating to Seller,
the Assets and the Business, including, without limitation, access to the assets and operations of Seller. From and after the date
of this Agreement and continuing through Closing, Seller will continue to make available to Purchaser all information required
under this Agreement or otherwise reasonably requested by Purchaser with respect to Seller, the Assets and/or the Business.

 

		8.	Closing Matters. The following shall occur at Closing:

    	6 

    	 

    

		(a)	Purchaser shall issue the Stock Consideration to Stockholders as set forth on Exhibit A.

 

		(b)	Purchaser shall deliver $100,000 to the Subsidiary via wire transfer;

 

		(c)	Purchaser shall execute and deliver the Promissory Note in the form of Exhibit B
	attached hereto to Seller;

 

		(d)	Seller and Purchaser shall execute and deliver the Assignment and Bill of Sale in the
	form of Exhibit C attached hereto.

 

		(e)	Seller and Purchaser shall execute and deliver the Assignment and Assumption
	Agreement in the form of Exhibit D attached
hereto.

 

		9.	Closing.

 

The
closing of the transactions provided for in this Agreement (the “Closing”) shall occur on or before [
], 2019, at a date, time and location to be agreed upon by Seller and Purchaser.

 

		10.	Indemnification.

 

(a)  
Seller’s Indemnity. Seller agrees to indemnify and hold harmless Purchaser and its officers, directors, managers,
partners, shareholders, members, employees, contractors, attorneys, representatives, successors, and assigns (the “Purchaser
Indemnitees”) from and against any and all costs, losses, liabilities, damages, litigation, claims, costs, and expenses,
including reasonable attorneys’ fees and other expenses of investigation and defense (collectively, “Damages”)
to which Purchaser Indemnitees may become subject or which are incurred in connection with, arise out of, result from, or are attributable
to any breach of the terms of this Agreement or any certificate or other document delivered hereunder or pursuant hereto by Seller,
including, without limitation, any breach of any representation or warranty made by Seller or the failure by Seller to perform
any of the covenants or obligations contained in this Agreement or in any certificate or other document delivered hereunder or
pursuant this Agreement, provided, however, that the indemnification obligations of Seller for Damages relating to a breach of
representations, warranties or covenants in this Agreement or any ancillary document or instrument shall be subject to a cap equal
to the Purchase Price. In addition, Seller will indemnify and hold harmless the Purchaser Indemnitees for any Damages to which
the Purchaser Indemnitees may become subject or which are incurred in connection with, arise out of, result from, or are attributable
to: (i) any breach by the operation of Seller before Closing and/or any use of the Assets before Closing; (ii) any fraud or intentional
misrepresentation of Seller, (iii) any and all taxes, fines, interest and/or penalties of Seller for all taxable periods ending
on or before Closing; or (iv) any and all taxes, fines, interest and/or penalties for failure to pay taxes imposed on Seller as
a transferee or successor, by contract or pursuant to any law, rule, or regulation, which taxes relate to an event or transaction
occurring before or on Closing.

 

(b) 
Purchaser’s Indemnity. Purchaser agrees that it will indemnify and hold harmless Seller and its respective officers,
directors, managers, partners, shareholders, members, employees, contractors, attorneys, representatives, successors, and assigns
(the “Seller Indemnitees”) from and against any and all Damages to which the Seller Indemnitees may become subject
to or which are incurred in connection with,

    	7 

    	 

    

arise out of, result
from, or are attributable to any material breach of the terms of this Agreement or any certificate or other document delivered
hereunder by Purchaser, including any breach of any representation or warranty made by Purchaser, or the failure by Purchaser to
perform any of the covenants or obligations contained in this Agreement or in any certificate or other document delivered hereunder
or pursuant to this Agreement, or any use of the Assets after Closing. In addition, Purchaser will indemnify and hold harmless
the Seller Indemnitees for any Damages to which the Seller Indemnitees may become subject or which are incurred in connection with,
arise out of, result from, or are attributable to: (i) any use of the Assets after Closing; (ii) any fraud or intentional misrepresentation
of Purchaser, (iii) any and all taxes, fines, interest and/or penalties of Purchaser for all taxable periods after Closing; or
(iv) any and all taxes, fines, interest and/or penalties for failure to pay taxes imposed on Purchaser and/or the Business as a
transferee or successor, by contract or pursuant to any law, rule, or regulation, which taxes relate to an event or transaction
occurring after Closing.

 

(c)  
Remedies. Any Party obligated to provide indemnification pursuant to this Section 10 (the “Indemnifying Party”)
shall promptly reimburse the Party entitled to indemnification hereunder (the “Indemnified Party,”) for the
amount of any judgment rendered against the Indemnified Party with respect to any claim by a third party in litigation or upon
request by the Indemnified Party for any other Damages arising out of any claim not involving a third party. To the extent that
the Indemnifying Party refuses to pay in full the Damages owed to the Indemnified Party, the Indemnified Party may: (i) offset
the Damages against any payments the Indemnified Party may owe the Indemnifying Party; and (ii) utilize any legal or equitable
remedy to collect from the Indemnifying Party the amount of such Damages. Nothing contained herein is intended to limit or constrain
the Indemnified Party’s rights against the Indemnifying Party for indemnity, the remedies herein being cumulative and in
addition to all other rights and remedies of the Indemnified Party at law or in equity.

 

(d) 
Dispute Resolution. In the event of any dispute under this Section 10, the Parties agree to use their best efforts to attempt
to resolve such dispute in good faith through direct negotiation between the Parties within thirty (30) days after notice of the
claim for indemnification is delivered by the Indemnified Party to the Indemnifying Party. The prevailing Party shall be entitled
to recover its attorneys’ fees, court costs, and other collection expenses, in addition to any other relief it may receive
in connection with its enforcement of this Agreement or if it is the prevailing Party in any such dispute.

 

(e)   
Indemnification Cap. Notwithstanding anything in this Agreement to the contrary, Seller’s liability to Purchaser under
this Agreement shall not exceed $2,000,000 (the “Indemnification Cap”).

 

		11.	Seller's Post-Closing Covenants.

 

From
and after the time of Closing, Seller covenants and agrees as follows:

 

(a)  
Further Assurances. From the Submission Date and until the Transfer Deadline, each Party will take all steps reasonably
necessary to carry out the intent of this Agreement, including, but not limited to, by executing and delivering, or causing to
be executed and delivered, such further instruments or documents as reasonably requested by Purchaser.

    	8 

    	 

    

		12.	Miscellaneous.

 

(a)  
Default. Any breach by the Shareholders of that certain Asset Purchase Agreement of even date herewith between Shareholders
and Purchaser shall constitute a breach by Seller of this Agreement; provided that Shareholders fail to cure any such breach within
any applicable cure period. Furthermore, any breach by Purchaser of that certain Asset Purchase Agreement of even date herewith
between Shareholders and Purchaser shall constitute a breach by Purchaser of this Agreement; provided that Purchaser fails to cure
any such breach within any applicable cure period.

 

(b) 
Survival of Agreement. This Agreement, and all terms, warranties and provisions hereof will be true and correct as of the
time of Closing and will survive the Closing for a period of three (3) years following the Closing.

 

(c) 
Notices. All notices required or permitted hereunder or under any related agreement or instrument (unless such related agreement
or instrument otherwise provides) will be deemed delivered when delivered personally, mailed, by certified mail, return receipt
requested, or registered mail, or sent by a nationally recognized overnight courier to the respective Party at the following addresses
or to such other address as each respective Party may in writing hereafter designate:

 

 

	
        [        ]

 

If to Purchaser:

 

If to Seller:Infusionz, LLC

1330 Zuni St. Suite G Denver, CO 80204

 

With a copy to:Kaplan & Associates, LLC

910 16th St;
Suite 800

Denver, CO 80202

 

(d)  
Successors and Assigns. This Agreement will be binding upon the Parties hereto and their respective successors, personal
representatives, heirs and assigns. Neither Party may assign any of its rights or obligations under this Agreement except with
the prior written consent of other Party, provided that Purchaser may assigns its rights and obligations to an affiliate upon written
notice to Purchaser.

 

(e)   
Merger. This Agreement and the exhibits and other documents, agreements, and instruments related hereto, set forth the entire
agreement of the Parties with respect to the subject matter hereof and may not be amended or modified except in writing subscribed
to by the Parties. The recitals are incorporated herein by reference.

 

(f) 
Governing Law. This Agreement is entered into in the state of Colorado and all issues arising hereunder shall be interpreted
and governed in all respects by the laws of such state (without regard to the conflict of law principles thereof).

 

		(g)	Sales Taxes. Purchaser shall pay any sales and use taxes owed to the state of Colorado

    	9 

    	 

    

and/or any political subdivision or taxing
authority in the state of Colorado which may arise from Purchaser’s purchase of the Assets.

 

(h) 
Platform Brokerage. The Parties agree to equally split the brokerage fee payable to Platform Brokerage in connection with
the transactions set forth in this Agreement.

 

(i) 
Modification or Severance. In the event that any provision of this Agreement is found by any court or other authority of
competent jurisdiction to be illegal or unenforceable, such provision shall be severed or modified to the extent necessary to render
it enforceable and as so severed or modified, this Agreement will remain in full force and effect.

 

(j) 
Captions. The captions in this Agreement are included for convenience only and shall not in any way affect the interpretation
of any of the provisions hereof.

 

(k) 
Counterpart; Facsimile. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all
of which when affixed together shall constitute but one and the same instrument. Signatures exchanged by facsimile shall be deemed
original signatures for all purposes.

 

[signature page follows]

    	10 

    	 

    

 

IN WITNESS WHEREOF, the Parties have read
and entered into this Asset Purchase Agreement as of the date above written.

 

	SELLER:	 	 
	 	 	 
	INFUSIONZ, LLC	 	 
	 	 	 
	By: /s/ Nate Weinberg	 	 
	Name: Nate Weinberg	 	 
	Title: CEO	 	 
	 	 	 
	PURCHASER:	 	 
	 	 	 
	GOLDEN DEVELOPING SOLUTIONS, INC.	 	 
	 	 	 
	By: /s/ Stavros Triant	 	 
	Name: Stavros Triant	 	 
	Title: CEO	 	 

 

 

 

 

 

 

 

 

 

 

 

    	11 

    	 

    

SCHEDULE 1(a)
TO ASSET PURCHASE AGREEMENT

 

(ASSETS)

 

 

 

 

[TO BE LISTED]

    	12 

    	 

    

SCHEDULE 1(b)
TO ASSET PURCHASE AGREEMENT

 

(EXCLUDED ASSETS)

 

 

		•	Cash

		•	Minute Book

		•	Infusionz, LLC Checking and Savings accounts at Partner Credit Union of Colorado

		•	All Accounts Receivable of Infusionz, LLC

		•	All Accounts Payable of Infusionz, LLC

    	13 

    	 

    

 

 

SCHEDULE 2(a)(v)
TO ASSET PURCHASE AGREEMENT

 

 

(EMPLOYMENT AGREEMENT)

    	14 

    	 

    

 

 

 

SCHEDULE 5(e)
TO ASSET PURCHASE AGREEMENT

 

(MATERIAL CONTRACTS)

 

 

[TO BE LISTED]

    	15 

    	 

    

 

SCHEDULE 5(f)
TO ASSET PURCHASE AGREEMENT

 

(FINANCIAL STATEMENTS)

 

 

[TO BE LISTED]

    	16 

    	 

    

EXHIBIT
A TO ASSET PURCHASE AGREEMENT

 

(STOCK CONSIDERATION)

    	17 

    	 

    

EXHIBIT
B TO ASSET PURCHASE AGREEMENT

 

(PROMISSORY NOTE)

 

 

See attachment.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]