Latitude 360, Inc. (OTCPK:LATX) entered into letter of intent to acquire three locations in New York and Pennsylvania from Frank Entertainment Companies, LLC in stock on August 28, 2015. Latitude 360 will pay the consideration in preferred equity. The transaction is subject to all closing conditions being met and liquor license approval being obtained from relevant government entities and is expected to close by December 2015. Post completion, these location will operate as Latitude 360. Latitude 360, Inc. (OTCPK:LATX) cancelled the acquisition of three locations in New York and Pennsylvania from Frank Entertainment Companies, LLC on August 28, 2016.