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Director Independence
The NASDAQ Stock Market has instituted director independence guidelines that have been adopted by the Securities & Exchange Commission. These guidelines provide that a director is deemed "independent" only if the board of directors affirmatively determines that the director has no relationship with the company which, in the board's opinion, would interfere with the director's exercise of independent judgment in carrying out his or her responsibilities. Significant stock ownership will not, by itself, preclude a board finding of independence.
For NASDAQ Stock Market listed companies, the director independence rules list six types of disqualifying relationships that preclude an independence filing. The Company's board of directors may not find independent a director who:
1.
is an employee of the company or any parent or subsidiary of the company;
2.
accepts, or who has a family member who accepts, more than $60,000 per year in payments from the company or any parent or subsidiary of the company other than (a) payments from board or committee services; (b) payments arising solely from investments in the company's securities; (c) compensation paid to a family member who is a non-executive employee of the company (d) benefits under a tax qualified retirement plan or non-discretionary compensation; or (e) loans to directors and executive officers permitted under Section 13(k) of the Exchange Act;
3.
is a family member of an individual who is employed as an executive officer by the company or any parent or subsidiary of the company;
4.
is, or has a family member who is, a partner in, or a controlling shareholder or an executive officer of, any organization to which the company made, or from which the company received, payments for property or services that exceed 5% of the recipient's consolidated gross revenues for that year, or $200,000, whichever is more, other than (a) payments arising solely from investments in the company's securities or (b) payments under non-discretionary charitable contribution matching programs; and
5.
is employed, or who has a family member who is employed, as an executive officer of another company whose compensation committee includes any executive officer of the listed company; or is, or has a family member who is, a current partner of the company's outside auditor, or was a partner or employee of the company's outside auditor who worked on the company's audit.
Based upon the foregoing criteria, our Board of Directors has determined that Dr. Cellucci (Chief Executive Officer and President) and Ms. King (Chief Financial Officer) are not independent directors under these rules.
http://doc.morningstar.com/companydoc.aspx?doccategory=equity&mode=normalview&companyid=0C000036AD&display=:BVTK&clientid=dotcom&key=9bc0dc0ff19106fc###
Link, please?
BVTK
Wonder if somehow Tom is considered Key Personnel from the previous tweet?
BVTK
This says the award was to i3 Federal, LLC... our 8-K says we are on the SEWP under i3 Integrative Creative Solutions, LLC (“i3 ICS”)?
Are they different companies, or connected somehow?
BVTK
What are you accusing Tom and BVTK of?
Yep, and we are expecting 8-Ks. Don't know if it had anything to do with this one particular award under the SEWP contract, but would be great if it did. If it didn't, it's no big deal, as there will be contracts awarded under SEWP for years to come; and we seem to be getting plenty of other stuff done outside of SEWP at the moment, just waiting for the pieces to fall together and be announced!
BVTK
Isn't i3 the prime on the SEWP? They might have partners other than BVTK that this particular contract under the SEWP contract may have gone to for something having nothing to do with BVTK. As far as I can tell, i3 has the SEWP contract, and we are only one of the subs under i3? If we get a contract on that thru i3, that's great, but if i3 gets a contract themselves or with one/some of their other subs, without needing BVTK's abilities for the work, then it has nothing to do with us?
Not trying to put BVTK down, am a long with most of my total investment $ in it and haven't sold even one share yet (but have added), but just keeping it real in the world of Government contracting. We are subs to i3, but only get $ from each particular work contract UNDER the SEWP if WE are involved. Not all of the contracts offered under the SEWP that i3 will submit a proposal for will be ones where the customer needs what BVTK has to offer. Some will, some won't. Do we know that BVTK was one of the sub contractors on that particular contract win UNDER the SEWP?
Nope, didn't say he is definitely meeting with him... just an interesting coincidence. There are probably thousands of potential customers in Northern Virginia.
BVTK
It's not their official 'headquarters', I think that's in NY, but it's local to Tom...
BVTK
You know Tom's Facebook post this morning was about going to Tysons Corner, VA? Don't know if it's where he's going, or just coincidence, but guess who has an office in Tysons Corner? Deloitte. 7900 Tysons One Pl #800, McLean, VA 22101
BVTK
Sounds like they take that stuff seriously!
BVTK
It's such a great display of Bravatek's diversity and their ability to meet complete needs, instead of a niche part of them, isn't it?
We can offer customers the 'whole package'!!!
GO BVTK!
Not sure why some people are so confused. It is clearly stated in the 8-K.
It is in the range of 10% - 20% REVENUE, and the exact fee within that 10 - 20% is "determined, depending upon the overall project sales margin and cost of development and delivery of each project, payable NET 30 days after each client payment on delivered products received at DARKPULSE’s bank account"
For any Product or Solution sold to any perspective clients introduced by Bravatek registered with DARKPULSE via email to DARKPULSE’s CEO, Dennis O’Leary, and delivered through Bravatek or a DARKPULSE-designated distribution affiliate(s) or sales channel(s), Bravatek will receive a lead-finder fee, to be mutually discussed and finally decided by DARKPULSE at the range of minimum of 10% to maximum of 20% of project revenue,
with an exact fee to be determined, depending upon the overall project sales margin and cost of development and delivery of each project, payable NET 30 days after each client payment on delivered products received at DARKPULSE’s bank account.
http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12268773-5787-17261&type=sect&TabIndex=2&companyid=791912&ppu=%252fdefault.aspx%253fsym%253dbvtk
Sounds good to me. Even just the 10% is great! More is even better!
BVTK
I sure hope it's a lot. He deserves to be well paid for all of his time and effort to gain these contracts that we are starting to see.
GO TOM!
BVTK
But you are not reading it in context... what is 'depending'? The percentage amount of REVENUE (the TOTAL amount paid to DarkPulse by the customer the work is done for)... between 10 - 20%, and this one, according to Tom, is 10%.
BVTK
Yes, it will become obvious. Some of us have a little bit of experience with these types of contracts and this type of wording from our real-life contracting jobs (and I'm sure several folks on here have a LOT more experience with it than I do!).
BVTK
Thank you, and that 10% is 10% of $1 Billion... 10% of REVENUE... $100,000,000.
BVTK
Have you read the 8-K yet? ANYONE who has knows the way it is calculated. That it is 10 - 20% of the REVENUE from the job.
For any Product or Solution sold to any perspective clients introduced by Bravatek registered with DARKPULSE via email to DARKPULSE’s CEO, Dennis O’Leary, and delivered through Bravatek or a DARKPULSE-designated distribution affiliate(s) or sales channel(s), Bravatek will receive a lead-finder fee, to be mutually discussed and finally decided by DARKPULSE at the range of minimum of 10% to maximum of 20% of project revenue, with an exact fee to be determined, depending upon the overall project sales margin and cost of development and delivery of each project, payable NET 30 days after each client payment on delivered products received at DARKPULSE’s bank account.
http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12268773-5787-17261&type=sect&TabIndex=2&companyid=791912&ppu=%252fdefault.aspx%253fsym%253dbvtk
Project revenue is the amount received for the project. $1 Billion is the amount received by DarkPulse for the project.
BVTK
Straight from an accountant, who KNOWS how to read that sort of contract language... thank you!
BVTK
When DarkPulse decides if it is 10, 11, 12, 20% of REVENUE, etc... THAT is what is 'depending'... determined when they take those (overall project sales margin and cost of development and delivery of each project) into consideration... when deciding the PERCENTAGE OF REVENUE... and that PERCENTAGE OF REVENUE is between 10 - 20%.
You have to take your statement about "DEPENDING" in context of the whole sentence. The PERCENTAGE OF REVENUE is what is determined...
"10% to maximum of 20% of project revenue, with an exact fee to be determined, depending upon the overall project sales margin and cost of development and delivery of each project"
BVTK
Exactly, and it's in the 8-K, so I'm not sure why it's being argued against.
BVTK
That's called doing business. That's what the 8-K says. DarkPulse will make the bid amount for the work for the customer high enough to make their own profit, and to pay BVTK the 10% out of the REVENUE (not just profit), as stated in the 8-K.
Revenue is incoming money BEFORE expenses. BVTK gets the 10% of REVENUE, not profit, according to the 8-K. Read the 8-K.
http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12268773-5787-17261&type=sect&TabIndex=2&companyid=791912&ppu=%252fdefault.aspx%253fsym%253dbvtk
8-K says percentage of REVENUE:
For any Product or Solution sold to any perspective clients introduced by Bravatek registered with DARKPULSE via email to DARKPULSE’s CEO, Dennis O’Leary, and delivered through Bravatek or a DARKPULSE-designated distribution affiliate(s) or sales channel(s), Bravatek will receive a lead-finder fee, to be mutually discussed and finally decided by DARKPULSE at the range of minimum of 10% to maximum of 20% of project revenue, with an exact fee to be determined, depending upon the overall project sales margin and cost of development and delivery of each project, payable NET 30 days after each client payment on delivered products received at DARKPULSE’s bank account.
Same game a month ago. If there is news, post the link.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134089239
BVTK
Got me some 51s
BVTK
LOLOLOL!!! OK
BVTK
LOLOL... SOON this will get to the point where it can't be manipulated the way it is right now.
BVTK
And as other companies see how we successfully use the MAP to the benefit of DarkPulse and other MAP companies, what will happen? We will get more MAP partners! Wooohooo!
BVTK
And this is just ONE of these from DarkPulse. ONE! I think DarkPulse has a lot more of this type of thing coming our way in the future...
imo
BVTK
And notice, it's FINALIZED.
BVTK
Bingo! We're on our way! And this is 'just' DarkPulse... and 'just' the beginning of the MAP with DarkPulse... not even counting the telecom, or ecrypt, or any of the other MAPs!!!
BVTK
DarkPulse put out a tweet about them and BVTK:
Relationship with $BVTK continues to expand; deal finalised for India agency agreement valued $1B +...Key Hire... PR soon
People's impatience doesn't mean Tom is all talk...
As his successful strategy plays out, the fins and mega deals will come out...
imo
BVTK
New Tweet: BVTK's CEO to be interviewed about Ecrypt One and Telecom Services for SouthComm media venues...
New Tweet: BVTK CEO and DarkPulse CEO working together on larger business opportunities...
New Tweet: Due Diligence moving briskly with HelpComm...Our current IDIQs will get folded into acquisition...Visit by investor this Sunday/Monday...
The HelpComm LOI is pretty major.
BVTK