Replies to post #258124 on MyECheck, Inc. (fka MYEC)

[Mistral]

Please identify the area within the 8K that you believe requires additional reporting of this project and resulting revenue. TIA

Here is the SEC Form 8-K:

https://www.sec.gov/about/forms/form8-k.pdf

Below is an excerpt from the March 7, 2016 8-K announcing the Licensing Agreement with Centric Gateway. This agreement covers the project that has been approved for commercial release. Banks in Africa are sub-licensees under the Centric agreement.

6. LICENSE FEES AND PAYMENT. The Licensee’s Customers shall pay the license and transaction fees for the Software set forth in Exhibit A (the "License Fees"). All fees hereunder exclude all applicable sales, use, value-added, property and other taxes, including duties and similar mandatory payments, and Licensee will be responsible for collection of all such taxes (other than taxes based on MyECheck's net income), and any related penalties and interest, arising from the payment of such fees, the delivery or license of the Software, or the provision of any services to the Licensee. The Licensee shall be responsible for: a) the invoicing and collection of all fees; b) providing MyECheck on a monthly statement of all fees collected; and, c) sending a remittance, in U.S. dollars, to MyECheck for its share of the fees, less expenses that have been mutually agreed to by the Parties. Such remittance to be received by MyECheck no later than ten days from the date the fees are collected subject to the availability of US dollars in the Territory. The Licensee will make all payments of amounts due under this Agreement to MyECheck free and clear of, and without reduction for, any withholding taxes. If the Licensee is legally required to make any such withholding from any payment due to MyECheck under this Agreement, the sum payable by the Licensee upon which such withholding is based shall be increased to the extent necessary to ensure that, after such withholding, MyECheck receives an amount equal to the amount MyECheck would have received in the absence of such withholding.. MyECheck reserves the right to charge interest on any overdue amounts at a rate of one and one-half percent (1.5%) per month or the maximum rate permitted by applicable law, whichever is less, from the due date until paid plus reasonable costs incurred in collection (including reasonable attorneys' fees).This right shall be exercisable only upon established cases of failure, negligence, omission to act or an infraction on the part of the Licensee.

https://www.sec.gov/Archives/edgar/data/1619558/000114420416087605/v434135_ex10-1.htm