Globe Photos, Inc. (OTCPK:GBPT) entered into an agreement to acquire certain assets from Photo File, Inc, Charles Singer and SportsPhotos.com for $2 million on October 11, 2018. Under the terms, $0.85 million was paid at the execution of purchase agreement which is secured through a pledge of 40% of outstanding shares of Photo File, Inc., $0.65 million paid within 24 hours of execution of agreement and $0.5 million contingency payment shall be paid to seller within 72 hours of receiving consent of major sports leagues. A 10% interest in Nevada subsidiary that was formed to house the assets and royalty to Photo File that begins upon initial $6 million sales from Nevada subsidiary. The Doney Law Firm acted as legal advisor to Globe Photos in the transaction. Globe Photos, Inc. (OTCPK:GBPT) completed the acquisition of certain assets from Photo File, Inc, Charles Singer and SportsPhotos.com on October 11, 2018. The Founder of Photo File, Charles Singer, will be retained as president of a newly-formed Photo File subsidiary, ensuring a seamless transition. In the acquisition of Photo File, Inc. we acquired trade names which are considered to have indefinite lives. In connection with the agreement, the Globe Photos paid $1.5 million as of December 31, 2018 toward the purchase price of the asset purchase agreement. The final payment of $0.49 which was due was recorded as a payable to Photo File, Inc. as of December 31, 2018. As additional consideration the seller also received a royalty that commences upon the initial $6 million in sales from the Nevada subsidiary, 10% interest in the Nevada subsidiary.