Summary by Moomoo AI
On July 12, 2024, RiskOn International, Inc., a Nevada-based corporation, entered into a series of agreements with MeetKai, Inc., including a Master Services Agreement (MSA), a Statement of Work (SOW) for the MSA, a Development Agreement (DA), a SOW for the DA, and a Side Letter. These agreements collectively known as the Transaction Documents, establish the terms for RiskOn International to use, sublicense, and resell MeetKai's generative artificial intelligence platform, particularly in North America. The agreements provide RiskOn International with an exclusive license for two years, followed by a non-exclusive license. The licensing and development fees are structured with initial payments and monthly installments, with additional royalty payments contingent on revenue thresholds. The Side Letter includes provisions for a cap on monthly payments until RiskOn International achieves financial stability and outlines terms for renegotiation or termination if the company fails to raise $10 million within four months from the Execution Date. The agreements were filed with the SEC and reported in a Form 8-K on July 15, 2024.