Item 3. Legal Proceedings
Item 3. Legal Proceedings.
We are not
currently a party to any pending legal proceedings that we believe will have a material adverse effect on our business or financial conditions.
We may, however, be subject to various claims and legal actions arising in the ordinary course of business from time to time.
The licensing agreement between TapouT LLC and the Company has been terminated.
The parties are engaged in active and constructive settlement discussions pursuant to the terms of the agreement’s termination provisions.
The Company anticipates that any final settlement will not exceed the amounts already recorded in its legal reserve and accrued accounts
payable.
Item 4. Mine Safety Disclosures.
Not applicable.
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PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.