PSYC Corporation (PSYC)

[FreddyJ_30]

This lawsuit does not look good for GOHE. This is coming from the lobby firm MGR2 we entered into a JV with in August of last year. This is MGR2's amended complaint filed Oct 25th that I pulled from PACER:

AMENDED COMPLAINT in compliance with Court Order of 10/24/19 against GLOBAL PAYOUT, INC., MTRAC TECH CORPORATION

I'm not sure if that link is going to work or not, so here's the jist. The agreement was supposed to entitle MGR2 with 5 million shares of common stock restricted with assurances that there would be no dilution. In the event that a reverse stock split were to occur, MGR2 would be entitled to an additional 5 million shares unrestricted. On top of that, GOHE was suppose to pay a monthly retainer of $1,000 as well as get a cut of revenue for any new business they brought in.

To date, GOHE has not followed thru on any of these obligations. So it seems they used them for a PR release and whatever new business they brought us and then terminated the agreement August 30th of this year.

Looks like MGR2 wants 5,050,000 shares to be issued to them immediately.

Not sure how GOHE is going to fight this one. I would think MGR2's lawyers are elite compared to what GOHE can afford and comments provided in the complaint from Steve Luna and LeBlanc are going to seal their case...