WRPT WarpSpeed Taxi Inc (PK)

On March 15, 2022, we entered into an agreement with a United States-based joint venture partner (the “JV Partner”) whereby we will form a U.S. corporation (the “Corporation”) for the purpose of operating a ride-hailing and delivery business using our WarpSpeed Taxi computer application (the “Application”). The agreement provided that we will be responsible for licensing the Application to the Company and making any modifications to the Application that are necessary in order to customize it for operation in U.S. markets. The JV Partner will be responsible for operating the Company’s business, including, retaining all employees and independent contractors necessary to commence and continue business operations, handling customer service queries, complying with all applicable regulations and legal requirements, and handling all legal and accounting matters. We will have a 51% equity interest in the Corporation and our JV Partner will have a 49% interest. We will also receive an Application licensing fee equal to 2.5% of all gross revenues that the Corporation generates, as well as a monthly fee (i.e., the greater of $5,000 or 2.5% of each month’s sales) payable on the Corporation’s commencement of revenue-generating operations.

On July 7, 2022, we amended our agreement with the JV Partner to extend two payment deadlines by three months each. As a result of the amendment, the JV Partner must pay $1,000,000 (i.e., $20,000 upon execution of the agreement (paid), an additional $250,000 by October 31, 2022, and the balance by January 31, 2023).

The agreement contemplates that the Corporation shall initially commence operations in Nevada and subsequently expand its business to other United States cities in all 50 states.