Legal Proceedings
−Removed: The Company is engaged ongoing litigation with
−Removed: FFS relating to a breach of contract in connection with the Acquired Merchant Portfolio whereby the Company is making a claim to recover
−Removed: the purchase price of the Acquired Merchant Portfolio and FFS is claiming to be paid the full purchase price of the Acquired Merchant
−Removed: In addition, in connection with the litigation with FFS, the Company has also made a claim against Clear Fork Bank (the “Bank”),
−Removed: the payment processing bank for the Acquired Merchant Portfolio, for damages the Company suffered as a result of it having to cease processing
−Removed: transactions for the merchants underlying the Acquired Merchant Portfolio.
−Removed: The Bank has filed a counterclaim for fees incurred by it in
−Removed: connection with the transactions processed since the acquisition of the Acquired Merchant Portfolio by the Company.
−Removed: However, the damages
−Removed: claimed have been materially reduced over time due to account balancing which was not completed at the time of the counterclaim.
+Added: The Company is engaged ongoing litigation with FFS relating to a breach
+Added: of contract in connection with the Acquired Merchant Portfolio whereby the Company is making a claim to recover the purchase price of
+Added: the Acquired Merchant Portfolio and FFS is claiming to be paid the full purchase price of the Acquired Merchant Portfolio.
+Added: in connection with the litigation with FFS, the Company has also made a claim against Clear Fork Bank (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 fees incurred by it in connection
+Added: with the transactions processed since the acquisition of the Acquired Merchant Portfolio by the Company.
+Added: However, the damages claimed
+Added: have been materially reduced over time due to account balancing which was not completed at the time of the counterclaim.
+Added: DMINT is currently in a contract dispute with
+Added: a contractor.
+Added: The Company has paid $100,000 to the contractor for work completed and materials provided and returned materials to offset
+Added: the potential liability of approximately $444,000.
+Added: The Company has recorded just over $315,000 in accounts payable related to the matter.
+Added: The matter continues to be in discovery;
+Added: however, the parties continue to discuss settlement.
+Added: The parties are working on a payment schedule
+Added: but have been unable to agree on terms to date.
Other than discussed above, there are no
4 unchanged sentences
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.