Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS.
On June 10, 2022, Copa Di Vino Corporation (“Copa”) filed a lawsuit
against the Company in Broward County, Florida. The complaint alleged that the Company still owed part of the final payment under the
December 24, 2020 Asset Purchase Agreement (“APA”) between Copa and the Company. The Company settled the lawsuit with Copa
Di Vino Corporation. This matter was settled in September 2022 without the admission of liability or wrongdoing on the part of Splash.
In exchange for full release from COPA, the Company agreed to issue 380,959 shares of the Company’s common stock. The Company entered
into the settlement solely to avoid the costs and uncertainty of litigation.
ITEM 1A. RISK FACTORS
No new risk factors noted since our Annual
Report on Form 10-K for the year ended December 31, 2021.
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