Toby will never pay any notes off
Don't forget the company is STILL. In default!! Paying 2000$ per day!!! And they are going to pay off notes with what money?? Very ignorant to believe that Toby and co has ANY money left. Audited financials don't lie the only thing Toby knows how to pay is himself. 1.3 million dollars in cash compensation. This is black and white. 20k salary was 2012. Jumped to 350k in 2013 and almost 800k in 2014. There were more than enough notes taken out over this time period to cover these outrageous salaries. The best part is Toby attempting to claim damages, yet it also clearly states in black and white on audited financials that dumb dumb Mcbride started licensing deal with throwdown 4 days before he got out of the dethrone deal. So he just voided his own argument. Will be interesting to see this explained
Straight out of filing
On October 10, 2013, Dethrone Royalty Holdings, Inc. (the “Company”), entered into a license agreement (“License Agreement”) with Throwdown Industries Holdings, LLC, a Delaware limited liability company (“Licensor”), pursuant to which the Licensor granted an exclusive, non-sublicenseable and non-assignable right to the Company to use its trademarks and other intellectual properties (“Trademarks”) solely in connection with the development, manufacture, distribution, marketing and sale of sports performance drinks within the United States and Canada (the “License”) as well as a one-time right of first refusal to license other types of beverages. The Company’s rights under the License Agreement are contingent upon Licensor’s prior written approval of any sports performance drinks developed or proposed by the Company to contain any of the Trademarks (“Licensed Products”).
On October 14, 2013, the licensor in this licensing agreement sent a notice of termination of this license agreement wherein it purposed to terminate this license agreement and demanded licensing fees of $475,000. The Company has asserted that the licensor has repudiated the license agreement and demanded damages of $850,000. This issue has not progressed passed this point and the Company is currently awaiting service of a complaint.
Right in an sec filing. They were signed with Throwdown while still even filing as dethrone beverage on October 10, 2013 and dethrone sent notice of termination 4 days later.
Smoking gun right here
Good luck with coke deal and UA too tho!
