APPB Applied Biosciences Corporation (CE)

Item 1.01 Entry into Material Definitive Agreement.

Effective March 5, 2018, Stony Hill Corp., a Nevada corporation (the “Company”), consummated certain of the transactions under that certain Intellectual Property Purchase and Stock Repurchase Agreement (the “Agreement”), dated February 9, 2018, by and among the Company, Damian Marley and Daniel Dalton. Pursuant to the terms and conditions of the Agreement, the Company repurchased 3,150,000 shares of common stock of the Company from Mr. Marley for $50,000 and rights to the name Stony Hill. The Company plans to change its name to a name more reflective of the scientific nature of its business. Additionally, the Company repurchased 2,250,000 shares of common stock of the Company from Mr. Dalton for consideration of $50,000. The transaction with Mr. Dalton was consummated on February 9, 2018, and previously disclosed in Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on February 14, 2018. In the aggregate Mr. Marley and Mr. Dalton transferred 5,400,000 shares, or approximately 40.4% of the issued and outstanding common stock to the Company to the Company. The Company subsequently canceled all 5,400,000 shares.

After consummation of the transaction, the Company reduced the number of issued and outstanding shares of its common stock from approximately 15,705,103 to approximately 10,305,103 shares issued and outstanding. Based on total assets of $1,786,166 at December 31, 2017, the book value per outstanding share increased from approximately $0.11 per share to approximately $0.17 per share. On March 2, 2017, the closing price per share of common stock of the Company was $2.20 per share on the OTCQB, reflecting a market value of approximately $11,880,000 for the 5,400,000 shares the company repurchased.