WILL THEY PAY 50,000 FEE IN DEC OR NO MORE LARRY.IMO
The Company has a license with Git-R-Done Productions, Inc. (“Larry the Cable guy”) that allows the Company the use of the costumes, artwork, logos and other elements used by the Comedian known as Larry the Cable Guy in various performances. This license has an initial term through March 1, 2016, and provides for certain royalties based on a percentage of products sold subject to certain agreed-upon guaranteed minimum royalty payments over the term of the license. The terms of the license agreement provided that the Company was to fully launch its product line by March 1, 2014 which was informally extended through July, 2014, when the Company was able to deliver product into stores in Texas. Pursuant to the agreement, $30,000 of Guaranteed Consideration was paid in January 2014, with $20,000 paid on September 30, 2014, and $50,000 due on December 31, 2014.
