“In June 2018, the Company and BlockSafe amended their management agreement. Pursuant to the terms of the amended agreement, BlockSafe shall remit a management fee of $36,000 per month to the Company, retroactive to January 1, 2018 and for a three-year term. Once BlockSafe reaches a milestone of $1,000,000 in financing, an additional management fee of $5,000,000 shall be owed to the Company by BlockSafe in the form of a monthly payment of $138,889 for a period of three years. Additionally, the Company retains the right to use and market BlockSafe’s patent pending Blockchain Defender™ product, perpetually, for a royalty fee of 15%.”
1) I’d like to point out that contract we discussed about a month ago was indeed void and they mention restructuring it here.
2) They are straight up saying once Blocksafe secures $1,000,000 in financing they will owe SFOR more than the $36,000 a month they are currently paying. As in all financing under $1,000,000 will keep them at the $36,000 a month for 3 years. Hence that increase in revenue and financing less than $1,000,000 ($665,500)....
3) How are they trying to say they want Blocksafe to be successful when they made an agreement (probably Kay, Waller, and Ram drafting it up themselves) that once Blocksafe secures $1,000,000 in financing they’ll be paying SFOR $36,000 + $138,889 = $174,889 / month... You really want Blocksafe to do well but you’re immediately stripping them of all cash to show it on another bottom line? Lol... come on man. You can’t even argue with this. It’s a straight up cash scam for unsecured tokens... Blocksafe has nothing to show for their financing yet. A product that doesn’t work and a cryptotoken that can be ripped off and deemed worthless. I guess they’ve filed for a patent on something that doesn’t work. Maybe their next patent troll scheme coming into play.
