Kay is actually getting paid, buried in the filing is this gem. BBGN&K is a corporation owned and directed by Kay. The genius can't sell enough of his shoddy goods to pay his bills and has Accrued payroll and related liabilities of $3,782,331 but he can certainly make sure that he makes the large cash grab.
On October 5, 2011, the Company entered into a license with BBGN&K LLC (“BBGN&K”) for the rights to use certain patented technologies of which BBGN&K owns the patents. Mr. Aladesuyi is the managing member of BBGN&K. The license agreement calls for royalty payments beginning in 2012 of 8% of the Company’s revenues to be paid quarterly. Royalty fees were $37,689 and $3,236 for the six months ended June 30, 2015 and 2014, respectively. On May 14, 2015, the Company and BBGN&K agreed to extend the license agreement under the following terms: a) the term of the agreement is in perpetuity, b) royalties shall be 8% of the Company’s revenue in the continental Unites States and 30% of revenue outside the continental Unites States, and c) the Company shall pay a one-time renewal fee of $550,000. As of June 30, 2015, the Company has paid $181,383 of the renewal fee leaving a balance of $368,617 as due to related party.
"When you believe in things that you don't understand
Then you suffer" Stevie Wonder
