Saturday, March 28, 2015 12:57:01 PM
But, data is as follows:
1. The Form 10/12G filed in July had an Exhibit 10-1, a single document signed 20 May 2014 between BMOC and BCCI, entitled 'Binding Letter of Agreement/Joint Venture.' There were two subjects in the agreement, the proposed Pavilion 117 sports bar project, and an 8 state franchise agreement.
For completeness, two of the requirements of the franchise agreement were that BMOC would
- As payment for the 8 state territory, initiate a $25K/month national advertising campaign for franchises within two months of signing (e.g., July 2014), and half-page ads in Inc magazine was the baseline offered (other media could be substituted by mutual agreement); and
- Put in place the first franchise by October, 2014 or pay $5K per month.
2. Page 4 of the revised Form 10/12G filed in November, 2014 said
Obviously, a subsequent agreement has been made between BMOC and BCCCI; I am a bit surprised that another revision of the Form 10/12G has not been filed, with the new agreement. Perhaps this will happen as part of the 10-K filing due in April, note that the last revision was published at about the same time as the Q3 10-Q.
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