LEGAL PROCEEDINGS
−Removed: The Company is engaged ongoing litigation with
−Removed: FFS Data Corporation (“FFS”) relating to a breach of contract in connection with the Acquired Merchant Portfolio whereby the
−Removed: Company is making a claim to recover the purchase price of the Acquired Merchant Portfolio and FFS is claiming to be paid the full purchase
−Removed: price of the Acquired Merchant Portfolio.
−Removed: In addition, in connection with the litigation with FFS, the Company has also made a claim against
−Removed: Clear Fork Bank (the “Bank”), the payment processing bank for the Acquired Merchant Portfolio, for damages the Company suffered
−Removed: as a result of it having to cease processing transactions for the merchants underlying the Acquired Merchant Portfolio.
−Removed: The Bank has filed
−Removed: a counterclaim for fees incurred by it in connection with the transactions processed since the acquisition of the Acquired Merchant Portfolio
−Removed: by the Company.
−Removed: However, the damages claimed have been materially reduced over time due to account balancing which was not completed at
−Removed: the time of the counterclaim.
+Added: The Company is engaged ongoing litigation with FFS
+Added: Data Corporation (“FFS”) in the Supreme Court of the State of New York, County of New York relating to a breach of contract
+Added: in connection with the Acquired Merchant Portfolio whereby the Company is making a claim to recover the purchase price of the Acquired
+Added: Merchant Portfolio and FFS is seeking the balance of the purchase price of the Acquired Merchant Portfolio.
+Added: In addition, in connection
+Added: with the litigation with FFS, the Company has also filed an action in the District Court of the 42 nd Judicial District,
+Added: Taylor County, Texas against Clear Fork Bank, N.A., f/k/a First National Bank Albany/Breckenridge (the “Bank”), the payment
+Added: processing bank for the Acquired Merchant Portfolio, for damages the Company suffered as a result of it having to cease processing transactions
+Added: for the merchants underlying the Acquired Merchant Portfolio.
+Added: The Bank has filed a counterclaim for purported overdrafts by the Company
+Added: in connection with the transactions processed since the acquisition of the Acquired Merchant Portfolio by the Company.
+Added: e District Court
+Added: of the 42nd Judicial District, Taylor County, Texas.
+Added: The Texas action is currently in discovery, and the Company has amended its pleading
+Added: in that action to assert additional causes of action and to add additional individual defendants.
+Added: In the New York action, discovery has
+Added: been completed and the parties are submitting their respective motions for summary judgment by September 11, with opposition papers due
+Added: on October 16 and reply papers due on November 13.
+Added: FFS also commenced an action in the Supreme Court of the State of New York seeking
+Added: indemnification for legal fees it incurred in defending an action in Hawaii.
+Added: Such action is currently in the discovery phase with
+Added: deposition to be held in September.
+Added: Earlier this year, PLS Checking Cashing commenced an action in the Supreme Court, State of
+Added: New York, County of New York against the Company and the Bank alleging that they failed to remit payment to it of approximately $125,000.
+Added: The Company has cross-claimed against the Bank, and the Bank has yet to respond to the cross-claims.
DMINT is currently in a contract dispute with
10 unchanged sentences
by or against the Company or respecting its operations or assets, or by or against any of the Company’s officers, directors, or
−Removed: We are a smaller reporting company as defined
−Removed: by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.
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.