LEGAL PROCEEDINGS
−Removed: 24, 2021, Plaintiff Millennium Fine Art Inc.
−Removed: (“MFAI”) filed a Complaint against the Company, alleging that on or about April
−Removed: 21, 2021, MFAI and the Company entered into a contract (the “Contract”), by which MFAI agreed to create 7,700 non-fungible
−Removed: tokens (“NFT”) in exchange for sixteen million dollars ($16,000,000) worth of shares of the Company.
−Removed: MFAI claims that the
−Removed: Company breached the Contract by refusing delivery of the NFTs and not delivering $16 million worth of shares to MFAI.
−Removed: The Complaint asserts
−Removed: causes of action for breach of contract, special damages and promissory estoppel, and seeks sixty-six million dollars ($66,000,000) in
−Removed: damages, specific performance by Company according to the terms of the Contract, and MFAI’s attorney’s fees and costs.
−Removed: 18, 2021, the Company filed a motion, denying all the material allegations of the Complaint, and seeking to stay the case and compel arbitration
−Removed: pursuant to the purported Contract.
−Removed: In its motion, the Company only sought to enforce the terms of the Contract as it relates to arbitration,
−Removed: but otherwise denied the existence of a valid and binding contract.
−Removed: Over MFAI’s opposition, the Court granted the Company’s
−Removed: motion, and stayed the case, pending the resolution of the Parties’ arbitration of the dispute.
−Removed: On or about April 1, 2022, MFAI commenced an arbitration through Judicial
−Removed: Arbitration and Mediation Services, Inc.
−Removed: (JAMS), in which it reasserted the allegations of the Complaint, and on May 2, 2022, the Company
−Removed: submitted a Statement of Defense, again denying all material allegations.
−Removed: On November 18, 2022, after conducting preliminary discovery,
−Removed: the Parties jointly requested a stay of the arbitration in an effort to resolve the dispute through mediation.
−Removed: Accordingly, the arbitration
−Removed: is presently stayed, pending mediation.
+Added: On August 24, 2021, Plaintiff Millennium Fine Art Inc.
+Added: (“MFAI”) filed a Complaint against the Company,
+Added: alleging that on or about April 21, 2021, MFAI and the Company entered into a contract (the “Contract”), by which MFAI agreed
+Added: to create 7,700 non-fungible tokens (“NFT”) in exchange for sixteen million dollars ($16,000,000) worth of shares of the Company.
+Added: MFAI claims that the Company breached the Contract by refusing delivery of the NFTs and not delivering $16 million worth of shares to
+Added: The Complaint asserts causes of action for breach of contract, special damages and promissory estoppel, and seeks sixty-six million
+Added: dollars ($66,000,000) in damages, specific performance by Company according to the terms of the Contract, and MFAI’s attorney’s
+Added: fees and costs.
+Added: On October 18, 2021, the Company filed a motion, denying all the material allegations of the Complaint, and seeking
+Added: to stay the case and compel arbitration pursuant to the purported Contract.
+Added: In its motion, the Company only sought to enforce the terms
+Added: of the Contract as it relates to arbitration, but otherwise denied the existence of a valid and binding contract.
+Added: Over MFAI’s opposition,
+Added: the Court granted the Company’s motion, and stayed the case, pending the resolution of the Parties’ arbitration of the dispute.
+Added: On or about April 1, 2022, MFAI filed a Request for Arbitration with JAMS dispute resolution services, in response
+Added: to which the Company filed a Statement of Answer, denying the material allegations of the Complaint, which the Company deems to be without
+Added: The matter is currently in the discovery phase, and the Company intends to continue vigorously defending this matter.
+Added: The arbitration
+Added: final hearing has been scheduled for September 17-20, 2024.
MINE SAFETY DISCLOSURES
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.