On October 2, 2012, Innovaro, Inc. entered into an asset purchase agreement to sell certain assets, primarily intellectual property rights and equipment, relating to its strategic services division, known as Strategos, to one of its officers and employees for $100,000. The company mutually agreed with Gary Getz, the Managing Director and Global Practice Leader of its Strategos division, that he will separate from service with us, effective as of August 31, 2012. The company also entered into a separation and release agreement with Mr. Getz pursuant to which he agreed to forgo approximately $1,224,304 in bonus payments that the company owed him in exchange for $125,509.