https://www.sec.gov/Archives/edgar/data/1285543/00
Post# of 82672
(Total Views: 375)
Posted On: 09/23/2018 7:03:39 AM
https://www.sec.gov/Archives/edgar/data/12855...or_10q.htm
BlockSafe Technologies, Inc.
In December 2017, the Company formed a subsidiary, BlockSafe Technologies, Inc. (“BlockSafe”). BlockSafe is owned 49% by the Company and 31% by three executive officers of the Company, which combined represents an 80% controlling interest in BlockSafe .
In June 2018, the Company and BlockSafe amended their management agreement. Pursuant to the terms of the amended agreement, BlockSafe shall remit a management fee of $36,000 per month to the Company, retroactive to January 1, 2018 and for a three-year term. Once BlockSafe reaches a milestone of $1,000,000 in financing, an additional management fee of $5,000,000 shall be owed to the Company by BlockSafe in the form of a monthly payment of $138,889 for a period of three years. Additionally, the Company retains the right to use and market BlockSafe’s patent pending Blockchain Defender™ product, perpetually, for a royalty fee of 15%.
As a result of our 49% ownership and our Directors’ combined 31% ownership of the issued and outstanding BlockSafe common stock, we are effectively able to influence all matters requiring BlockSafe shareholder action, including significant corporate transactions . Therefore, BlockSafe’s financial results have been consolidated with our financial results.
License Agreement:
https://www.sec.gov/Archives/edgar/data/12855...ex1010.htm
Management Agreement:
https://www.sec.gov/Archives/edgar/data/12855...ex1011.htm
Amended Management Agreement:
https://www.sec.gov/Archives/edgar/data/12855...ex1012.htm
BlockSafe Technologies, Inc.
In December 2017, the Company formed a subsidiary, BlockSafe Technologies, Inc. (“BlockSafe”). BlockSafe is owned 49% by the Company and 31% by three executive officers of the Company, which combined represents an 80% controlling interest in BlockSafe .
In June 2018, the Company and BlockSafe amended their management agreement. Pursuant to the terms of the amended agreement, BlockSafe shall remit a management fee of $36,000 per month to the Company, retroactive to January 1, 2018 and for a three-year term. Once BlockSafe reaches a milestone of $1,000,000 in financing, an additional management fee of $5,000,000 shall be owed to the Company by BlockSafe in the form of a monthly payment of $138,889 for a period of three years. Additionally, the Company retains the right to use and market BlockSafe’s patent pending Blockchain Defender™ product, perpetually, for a royalty fee of 15%.
As a result of our 49% ownership and our Directors’ combined 31% ownership of the issued and outstanding BlockSafe common stock, we are effectively able to influence all matters requiring BlockSafe shareholder action, including significant corporate transactions . Therefore, BlockSafe’s financial results have been consolidated with our financial results.
License Agreement:
https://www.sec.gov/Archives/edgar/data/12855...ex1010.htm
Management Agreement:
https://www.sec.gov/Archives/edgar/data/12855...ex1011.htm
Amended Management Agreement:
https://www.sec.gov/Archives/edgar/data/12855...ex1012.htm
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(0)Zerify Inc (ZRFY) Stock Research Links
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Parent: https://www.strikeforcetech.com
Subsidiary: https://www.blocksafetech.com
Parent: https://www.strikeforcetech.com
Subsidiary: https://www.blocksafetech.com
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