ITEM 1.01ENTRY INTO A MATERIAL AGREEMENT.
Under the terms of the Agreement, the Contractor is to provide a design of a prototype vehicle for the Company (the "Services") in consideration of cash payments which are payable as follows:
(a)
(b)
(c)$102,800 payable upon delivery of complete Ergonomics Interior Data sheet and CAS IGES files;
(d)
(e)
(f)
(g)
(h)
(i)
Subject to the receipt of payments to the Contractor, all intellectual property
developed under the Agreement (the "Design IP") shall be the sole property of
Interest payable on any overdue amounts under the Agreement will be charged at a rate of 3.00% per annum or at the maximum rate enforceable under applicable legislation, whichever is lower.
The Agreement contemplates delivery of the design within ten (10) months of
commencement of the Services. The Company/
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ITEM 8.01OTHER EVENTS.
Business Expansion Risk Disclosure
Given the nature of the business expansion, the Company advises that the expansion of its business into electric vehicles is very early stage. The Company further advises that it will require substantial financing to execute on this business expansion and there is no assurance that sufficient financing will be received on acceptable terms or at all.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
Exhibit Number Description of Exhibit
10.1 General service agreement betweenRocket Supreme S.L . andDuesenberg Inc. 99.1 News Release datedJanuary 8, 2021 .
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