LICENSE AGREEMENT |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| License Agreement | |
| LICENSE AGREEMENT | NOTE 6: LICENSE AGREEMENT
On December 30, 2025, the Company and TAP, Inc. (“Licensor”) entered into a license agreement (“License Agreement”), whereby the Company was granted by the Licensor, a worldwide license to use the Intangible Property Rights (as defined in the License Agreement) in connection with the business of real estate tokenization around the world. The initial term of the License Agreement was 90 days, but was extended until June 30, 2026. The initial license fee was $0 until the Company and the Licensor agreed to an appropriate fee. In good faith, the Company has paid fees during the period ended June 29, 2026 in the amount of $695,000 in various payments.
On June 29, 2026, the Amended and Restated License Agreement was finalized. The License Fee agreed to was $700,000, which has been fully paid by the Company as of July 21, 2026. As negotiated, the License Agreement is in perpetuity and this asset will be reviewed annually for impairment and on an interim basis when triggering events are evaluated under ASC 350-30-35-18. The Licensor is considered a related party as there are common shareholders and management personnel with the Company.
In accordance with the License Agreement, the Company will be able to use the Licensor’s intellectual property and intangible property rights in connection with their real estate, real estate media, real estate marketplace, real estate tokenization, digital asset, wallet, registry and related business activities under or in connection with the TAP Real Estate name and brand.
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