Jason's business model has always been to purchase dated products that never found their market, for the purpose of promoting the selling of shares in my opinion. That is why he has to keep buying one after the other. He has already announced the letter of intent to purchase Centurion Technologies. He likely will not only need to offer up shares but cash, warrants, whatever it takes. The Dataexpress purchase would be a good guide for what to expect. Shareholders handed over enormous losses to pay for that one. Payments are still due under that deal and is the subject of a current lawsuit.
"On September 16, 2019, the Company entered into an Asset Purchase Agreement with DMBGroup, LLC to acquire certain assets collectively known as DataExpress™, a software platform for secure sensitive data transfer within the hybrid cloud. The total purchase price of approximately $2.8 million consists of: (i) a $410,000 cash payment at closing; (ii) a promissory note in the amount of $940,000, payable in the amount of $41,661 over 24 monthly payments starting on October 15, 2019, accruing at a rate of 6% per annum; (iii) assumption of approximately $98,000 in liabilities and, (iv) 2,465,754 shares of our common stock. The issuance was exempt under Section 4(a)(2) of the Securities Act."
We recently received a complaint filed against Data443 Risk Mitigation, Inc., a North Carolina corporation and the wholly subsidiary of the Company (the “Subsidiary”), by DMBGROUP, LLC (“DMB”). The action was filed in County Court in Denton County, Texas, and arises out of the purchase by the Subsidiary of assets of DMB, for which the Subsidiary issued to DMB its promissory note (the “Note”). DMB claims that the Subsidiary is delinquent on its payments under the Note and is therefore in default under the Note. While the Subsidiary is late in making payments under the Note, the Company believes that there are a number of significant issues affecting the amounts due under the Note and that the Subsidiary is justified in withholding payments under the Note. While this action has just been commenced, we intend to vigorously dispute all claims asserted by DMB.
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