Default Judgment
"Hop-on filed a law suit against a prior acquisition for Fraud and Breach of Contract. The opposition received a default judgment against Hop-on. Hop-on, will file to set the default aside and pursue litigation. "
That exactly it. HPNN sued their Chinese manufacturer "partner", but Hop-On could find no lawyer willing to take their cause, or no lawyer willing to be paid in HPNN's $0.0001 shares.
So, the the other party asked for damages, and in the absence of representation from the plaintiff, the judge ruled in favor of the defendant. That's a Default Judgement.
HPNN financials should contain a provision to the amount of the judgement against them.
Merely stating that they intent to have the ruling reversed is not enough.
With such a default ruling in hand, the prevailing party can send its agents at anytime, and take possession of Hop-On assets (if any), till the debot is satisfied, with full support of the law.
This could happen any day.
With HPNN's opaque accounting, maybe that liability is hidden within the $9M of "long-term liabilities". Maybe not.
Caveat emptor.
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