SCWorx Corporation (WORX)

[Vipervest]

From the 8k amended .... On April 29, 2020, the company entered into a new Supply Agreement (“Supply Agreement”) with Feltwell Holding SA (“Feltwell”) pursuant to which the Company agreed to purchase and Feltwell agreed to supply an aggregate of 500,000 COVID-19 IGG/IGM Rapid Testing Units (GCCOV-20A) (“Covid 19 Test Kits”). The Supply Agreement calls for an aggregate of 100,000 units to be shipped no later than May 4, 2020 and an additional 400,000 units to be shipped within fifteen days of order placement, with order placement to be no later than May 4, 2020. The Supply Agreement requires the Company to pay 50% of the total order at the time of order placement, with the remaining 50% due upon completion of production (goods ready for shipment). The initial payment has been made to Feltwell, representing 50% of the purchase price for the first 100,000 test kit units. This payment to Feltwell was made by a third party with the understanding that said third party will receive 25% of the Company’s gross profit on the first 100,000 units, as and when the Company receives payment from its customer. The remaining balance for the first 100,000 test kits will be payable upon completion of production.... Is this another BS agreement or is Feltwell Deal Legit? Just trying to make sense of this cluster of information...