They're going to let the license expire towards end of year as they don't have the money to purchase it.
Doubtful if they paid any money at all for the license.
Smoke and mirrorssssss!
Mine
PURCHASE PRICE
1.5 License Fee for Trademark . The consideration (the “License Fee ”) payable by the Buyer to the Seller for the License of the Trademark shall equal an aggregate of $80,000 of which: (i) $10,000 shall be payable upon execution of this Agreement and $10,000 shall be payable every month thereafter until a total of $80,000 has been paid. At the end of eight months, the License of the Trademark shall expire unless Buyer exercises its right to purchase the Trademark as set forth in Section 1.5.
1.6 Buyer’s Option to Purchase Trademark . If, and only if, all payments of the License Fee are made on time and in full as set forth in Section 1.5, and all payments required of Buyer to Seller are made in full and on time in accordance with Section 1.3, and there are no outstanding payments owed by Buyer to Seller for the Finished Goods or Raw Materials as set forth in Section 1.3, then Buyer shall have the right to purchase the Trademark by issuing Two Million Five Hundred Thousand (2,500,000)
shares of Minerco common stock (OTC:MINE) to Seller. If the Buyer properly exercises the option to purchase the Trademark by sending written notice to Seller of its intent to exercise, the Seller shall transfer the Trademark to Seller free and clear of any claims, liabilities, security interests, mortgages, liens, pledges, conditions, charges or encumbrances of any nature whatsoever.
