[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended December 31, 2017
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from __________ to __________
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Yes [X] No [ ]
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Yes [X] No [ ]
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Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ] (Do not check if a smaller reporting company)
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Smaller reporting company [X]
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Emerging growth company [X]
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Yes [ ] No [ X ]
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Yes [ ] No [ ]
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67,097,500 common shares outstanding as of January 25, 2018
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(Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.)
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Page
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PART I – Financial Information
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3
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4
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6
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6
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PART II – Other Information
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7
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7
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7
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7
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7
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7
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7
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8
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Page
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Balance Sheets as of December 31, 2017 (Unaudited) and June 30, 2017
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F-1
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F-2
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Interim Unaudited Statement of Cash Flows for the six months ended December 31, 2017 and 2016
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F-3
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Notes to Financial Statements (Unaudited)
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F-4 to F-8
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Three Months Ended
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Six Months Ended
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|||||||||||||||
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December 31,
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December 31,
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December 31,
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December 31,
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||||||||||||
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2017
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2016
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2017
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2016
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||||||||||||
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$
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-
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$
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-
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$
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-
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$
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-
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|||||||||
Cost of goods sold
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-
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-
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-
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-
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||||||||||||
Gross profit
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-
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-
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-
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-
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||||||||||||
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||||||||||||||||
Operating expenses:
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||||||||||||||||
Management fees
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3,000
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3,000
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6,000
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6,000
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||||||||||||
Patent license fees
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1,750
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1,750
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3,500
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3,500
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Professional fees
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11,000
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-
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24,500
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-
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||||||||||||
General and administrative expenses
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3,110
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-
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3,140
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30
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Total operating expenses
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4,750
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9,530
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Loss from operations
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(18,860
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)
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(4,750
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)
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(37,140
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)
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(9,530
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)
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||||||||
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||||||||||||||||
Income (loss) before taxes | - | - | - | - | ||||||||||||
Provision for income tax expense | - | - | - | - | ||||||||||||
$
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(18,860
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)
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$
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(4,750
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)
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$
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(37,140
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)
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$
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(9,530
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)
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Net (loss) per common shares (basic and diluted)
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$
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(0.00
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)
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$
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(0.00
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)
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$
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(0.00
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)
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$
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(0.00
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)
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Weighted average shares outstanding - Basic and diluted
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65,238,804
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63,000,000
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64,668,152
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63,000,000
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Six Months ended
December 31,
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2017
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2016
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Cash Flows from Operating Activities
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Net loss
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$
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(37,140
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)
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$
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(9,530
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)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Other receivable
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3,000
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(3,000
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)
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Prepaid expense
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(2,000
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)
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-
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Accounts payable
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835
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9,500
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Accounts payable, related parties
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7,000
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-
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Liability for unissued shares for services provided
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2,000
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-
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Net cash used in operating activities
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(26,305
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)
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(3,030
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)
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Cash Flows from Investing Activities
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Net cash provided from (used by) investing activities
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-
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-
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Cash Flows from Financing Activities
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Proceeds from private placement
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90,000
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-
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Advances, related parties
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6,500
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3,060
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Repayments, related parties
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(2,375
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)
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-
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Net cash provided from (used by) financing activities
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94,125
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3,060
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Increase (decrease) in cash and cash equivalents
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67,820
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30
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Cash and cash equivalents at beginning of period
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17,280
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1,076
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Cash and cash equivalents at end of period
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$
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85,100
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$
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1,106
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Cash paid (received) during year for:
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Interest
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$
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-
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$
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-
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Income taxes
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$
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-
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$
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-
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1.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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1.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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2.
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GOING CONCERN
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3.
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PATENT LICENSE AGREEMENT
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3.
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(a)
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An ongoing maintenance fee of $500 per month plus an additional annual fee of $1,000;
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(b)
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Royalty fees of 6% per machine sold or leased under this license, payable within thirty (30) days of agreement reached with the customer/lessee. Payments can be grouped on a monthly occurring basis;
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(c)
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This license shall be considered null and void if production is not obtained within a 5-year period of the date stated above and the license, and all rights thereunder, will return to the Licensor.
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CONSULTING AGREEMENT
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(b)
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On October 23, 2017, the Company entered into a one-year agreement with a consultant
for advice
regarding certain legal, corporate and business operations, and more specifically with regard to public filings and compliance with regard to the Company. The consultant is to be compensated in the amount of Two Thousand Dollars ($2,000) per month, commencing November 1, 2017, including review of Form 10-K Annual Reports, Form 10-Q Quarterly Reports, Preparation of Form 8-K's, preparation of Board Resolutions and review of contractual agreements.
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5.
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CUSTOMER DEPOSITS
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6.
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COMMON STOCK
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7.
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RELATED PARTY TRANSACTIONS
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a.
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Management and other services:
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b.
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Advances
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INCOME TAXES
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8.
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INCOME TAXES (cont'd)
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December 31,
2017
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June 30,
2017
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Loss carry forwards
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$
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39,433
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$
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31,634
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Less – accrued management fees
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(4,200
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)
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(2,940
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Less - valuation allowance
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(35,233
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(28,694
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)
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Total net deferred tax assets
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$
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-
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$
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-
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9.
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SUBSEQUENT EVENTS
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At
December 31, 2017
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At
June 30, 2017
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Current Assets
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$
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87,100
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$
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20,280
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Current Liabilities
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$
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42,928
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$
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28,968
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Working Capital (Deficit)
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$
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(44,172
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)
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$
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(8,688
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)
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Six Months ended
December 31,
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2017
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2016
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Net cash (used) in operating activities
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$
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(26,305
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)
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$
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(3,030
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)
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Net cash provided by financing activities
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$
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94,125
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$
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3,060
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Net increase (decrease) in cash during period
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$
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67,820
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$
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30
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Exhibit Number
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Description
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Kelvin Medical, Inc.
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Date:
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February 5, 2018
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By:
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/s/ William Mandel
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Name:
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William Mandel
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Title:
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President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer & Director
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1.
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I have reviewed this quarterly report on Form 10-Q of Kelvin Medical, Inc. (the “Company);
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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As the registrant’s certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15 (f) for the registrant and I have:
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
period
covered by this report
that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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5.
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As the registrant’s certifying officer, I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Dated: February 5, 2018
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By:
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/s/William Mandel | |
Name: William Mandel | |||
Title: Principal Executive Officer and Principal Financial Officer | |||
/s/William Mandel
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William Mandel
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Principal Executive Officer and Principal Financial Officer
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Date: February 5, 2018
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AGREEMENT FOR MANAGEMENT SERVICES
("Agreement"), entered into and effective as of Nov. 15, 2017 between Kelvin Medical Incorporated ("Company"), and William Mandel ("Manager").
1. Services, Duties and Acceptance
1.1 Company hereby engages the Manager for the Term (as defined in Section 2 hereof) to render services in an executive capacity to Company and to the subsidiaries of Company engaged in business with and in connection with the Company and to devote his best efforts to the affairs of the Company and to perform such duties as Manager as he shall reasonably be directed to perform by officers of the Company.
1.2 Manager hereby accepts such contract for services and agrees to render such services as described herein. During the term of his contract, Manager will not render any services for others that will, or potentially could, conflict with the business of the Company, nor will Manager conduct any business which could conflict with the business of the Company, nor will Manager render any services to any customer of the Company outside of the duties expressed herein.
1.3 Manager's duties includes some, but not all, of the following: Manager shall act as President of the Company and will oversee the day to day running of the Company, the managing of any hired Managers, the filing of public documents for the purpose of compliance with regard to running a public company, travel from time to time as is necessary, and any other duty required of Manager to insure that the Company runs smoothly.
2. Term of Agreement
2.1
The term of Manager's contract for services pursuant to this Agreement (the "Term") shall begin on Nov. 15, 2017, and shall be for a term of twelve months, which may be renewable for six months upon mutual agreement and is subject to the provisions of Article 4 of this Agreement providing for earlier termination of Manager's employment in certain circumstances.
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3. Compensation
3.1
As compensation for all services rendered pursuant to this Agreement, Company shall issue Manager $1,000 monthly cash consideration until Jan 1, 2018. Beginning Jan 1, 2018 the cash consideration shall be increased to $2000 monthly cash consideration.
3.2
Company shall pay or reimburse Manager for all necessary and reasonable expenses incurred or paid by Manager in connection with the performance of services under this Agreement upon presentation of expense statements or vouchers or such other supporting information as it from time to time requests evidencing the nature of such expense, and, if appropriate, the payment thereof by Manager, and otherwise in accordance with Company procedures from time to time in effect. Manager shall request authorization from the Board for expenses over $500.00.
3.3
During the Term, Manager shall be entitled to participate in any group insurance, qualified pension, hospitalization, medical health and accident, disability, or similar plan or program of the Company now existing or hereafter established to the extent that he is eligible under the general provisions thereof. Notwithstanding anything herein to the contrary, however, Company shall have the right to amend or terminate any such plans or programs at its discretion.
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4. Termination
4.1 Disability.
If Manager shall be prevented from performing Manager's usual duties for a period of 3 consecutive months, or for shorter periods aggregating more than 4 months in any 12 month period by reason of physical or mental disability, total or partial, (herein referred to as "disability"), Company shall nevertheless continue to pay full salary up to and including the last day of the third consecutive month of disability, or the day on which the shorter periods of disability shall have equaled a total of 4 months, but Company may at any time or times on or after such last day (but before the termination of such disability), elect to terminate this Agreement upon written notice to Manager, effective on such 1st day, without further obligation or liability to Manager, except for any compensation accrued hereunder but not yet paid. If Company does not so elect, this Agreement shall remain in full force and effect.
4.2 Death.
In the event of Manager's death during the Term, this Agreement shall automatically terminate, except that (a) Manager's estate shall be entitled to receive the compensation provided for hereunder to the last day of the month in which Manager's death occurs; and (b) such termination shall not affect any amounts payable as insurance or other death benefits under any plans or arrangements then in force or effect with respect to Manager.
4.3 Specified Cause.
Company may at any time during the Term, by notice, terminate the employment of Manager for malfeasance, misfeasance, or nonfeasance in connection with the performance of Manager's duties, the cause to be specified in the notice of termination. Without limiting the generality of the foregoing, the following acts during the Term shall constitute grounds for termination of employment hereunder:
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4.3.1
Any willful and intentional act having the effect of injuring the reputation, business, business relationships of Company or its affiliates;
4.3.2
Conviction of or entering a plea of nolo contendere to a charge of a felony or a misdemeanor involving moral turpitude;
4.3.3
Material breach of covenants contained in this Agreement; and
4.3.4
Repeated or continuous failure, neglect, or refusal to perform Manager's duties hereunder.
5. Protection of Confidential Information
5.1
In view of the fact that Manager's work as Manager of Company will bring Manager into close contact with many confidential affairs of the Company and its affiliates, including matters of a business nature, such as information about costs, profits, markets, sales, and any other information not readily available to the public, and plans for future developments, Manager agrees:
5.1.1
To keep secret all confidential matters of Company and its affiliates and not to disclose them to anyone outside of Company, either during or after Manager's employment with Company, except with Company's written consent; and
5.1.2
To deliver promptly to Company on termination of Manager's employment by Company, or at any time Company may so request, all memoranda, notes, records, reports, and other documents (and all copies thereof) relating to Company's and its affiliates' businesses which Manager may then possess or have under the Manager's control.
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6. Ownership of Results of Services:
6.1
Company shall own, and Manager hereby transfers and assigns to it, all rights of every kind and character throughout the work, in perpetuity, in and to any material and/or ideas written, suggested, or submitted by Manager hereunder and all other results and proceeds of Manager's services hereunder, whether the same consists of literary, dramatic, mechanical or any other form of works, themes, ideas, creations, products, or compositions. Manager agrees to execute and deliver to Company such assignments or other instruments as Company may require from time to time to evidence its ownership of the results and proceeds of Manager's services.
7. Notices:
7.1
All notices, requests, consents and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or sent by prepaid telegram, or mailed first-class, postage prepaid, as follows:
To Manager:
William Mandel
10930 Skyranch Place
Nevada City, CA 95959
To Company:
Kelvin Medical Inc.
P.O. Box 1925
Nevada City, CA 95959
or as such other address as either party may specify by written notice to the other as provided in this Section 7.1. |
8. General
8.1
It is acknowledged that the rights of Company under this Agreement are of a special, unique, and intellectual character which gives them a peculiar value, and that a breach of any provision of this Agreement (particularly, but not limited to, the exclusivity provisions hereof and the provisions of Article 5 hereof), will cause Company irreparable injury and damage which cannot be reasonably or adequately compensated in damages in an action at law. Accordingly, without limiting any right or remedy which Company may have in the premises, Manager specifically agrees that Company shall be entitled to seek injunctive relief to enforce and protect its rights under this Agreement.
8.2
This Agreement sets forth the entire agreement and understanding of the parties hereto, and supersedes all prior agreements, arrangements, and understandings. Nothing herein contained shall be construed so as to require the commission of any act contrary to law and wherever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements. Without limiting the generality of the foregoing, in the event that any compensation or other monies payable hereunder shall be in excess of the amount permitted by any such statute, law, ordinance, or regulation, payment of the maximum amount allowed thereby shall constitute full compliance by Company with the payment requirements of this Agreement.
8.3
No representation, promise, or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise, or inducement not so set forth. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.
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8.4
The provisions of this Agreement shall inure to the benefit of the parties hereto, their heirs, legal representatives, successors, and assigns. This Agreement, and Manager's rights and obligations hereunder, may not be assigned by Manager. Company may assign its rights, together with its obligations, hereunder in connection with any sale, transfer or other disposition of all or substantially all of its business and assets. Company may also assign this Agreement to any affiliate of Company; provided, however, that no such assignment shall (unless Manager shall so agree in writing) release Company of liability directly to Manager for the due performance of all of the terms, covenants, and conditions of this Agreement to be complied with and performed by Company. The term "affiliate", as used in this agreement, shall mean any corporation, firm, partnership, or other entity controlling, controlled by or under common control with Company. The term "control" (including "controlling", "controlled by", and "under common control with"), as used in the preceding sentence, shall be deemed to mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such corporation, firm, partnership, or other entity, whether through ownership of voting securities or by contract or otherwise.
8.5
This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms or covenants hereof may be waived, only by a written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either party at any time or times to require performance of any provisions hereof shall in no manner affect the right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.
8.6
This Agreement shall be governed by and construed according to the laws of the State of Nevada applicable to agreements to be wholly performed therein.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.
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AGREEMENT TO SERVE AS CHAIRMAN OF THE BOARD
("Agreement"), entered into and effective as of November 15, 2016 between Kelvin Medical, Inc. ("Company"), and Margaret Austin, PhD ("Austin").
1. Services, Duties and Acceptance
1.1 Company hereby engages Dr. Austin for the Term (as defined in Section 2 hereof) to act as Chairman of the Board and to devote her best efforts to the affairs of the Company and to perform such duties as Dr. Austin is required to fulfill in her role as Chairman of the Board.
1.2 Dr. Austin hereby accepts such contract for services and agrees to render such services as described herein. During the term of her contract, Dr. Austin will not render any services for others that will, or potentially could, conflict with the business of the Company, nor will Dr. Austin conduct any business which could conflict with the business of the Company, nor will Dr. Austin render any services to any significant customer of Company outside of the duties expressed herein.
1.3 Dr. Austin's duties includes some, but not all, of the following: Dr. Austin shall act as Chairman of the Board of Directors of the Company and will oversee all Board Meetings and review all corporate documents, contracts and filings as required by the Company's management. Further Dr. Austin may be required to travel from time to time as is necessary, and undertake any other duty required of Dr. Austin to insure that the Company runs smoothly.
2. Term of Agreement
2.1
The term of Dr. Austin's contract for services pursuant to this Agreement (the "Term") shall begin on Nov. 15, 2017, and shall be for a term of twelve months, which may be renewable for six months upon mutual agreement and which is subject to the provisions of Article 4 of this Agreement providing for earlier termination of Dr. Austin's employment in certain circumstances.
Compensation
3.1
1
As compensation for all services rendered pursuant to this Agreement, beginning January 1, 2018, Company shall issue Dr. Austin $1,000 monthly cash consideration.
3.2
Company shall pay or reimburse Dr. Austin for all necessary and reasonable expenses incurred or paid by Manager in connection with the performance of services under this Agreement upon presentation of expense statements or vouchers or such other supporting information as it from time to time requests evidencing the nature of such expense, and, if appropriate, the payment thereof by Dr. Austin, and otherwise in accordance with Company procedures from time to time in effect. Dr. Austin shall request authorization from the Board for expenses over $500.00.
3.3
During the Term, Dr. Austin shall be entitled to participate in any group insurance, qualified pension, hospitalization, medical health and accident, disability, or similar plan or program of the Company now existing or hereafter established to the extent that she is eligible under the general provisions thereof. Notwithstanding anything herein to the contrary, however, Company shall have the right to amend or terminate any such plans or programs at its discretion.
4. Protection of Confidential Information
4.1
In view of the fact that Dr. Austin's work as Chairman of the Board of Directors of Company will bring Dr. Austin into close contact with many confidential affairs of the Company and its affiliates, including matters of a business nature, such as information about costs, profits, markets, sales, and any other information not readily available to the public, and plans for future developments, Dr. Austin agrees:
4.1.1
To keep secret all confidential matters of Company and its affiliates and not to disclose them to anyone outside of Company, either during or after Dr. Austin's service with the Company, except with the Company's written consent; and
4.1.2
To deliver promptly to the Company on termination of Dr. Austin's service by the Company, or at any time the Company may so request, all memoranda, notes, records, reports, and other documents relating to the Company's and its affiliates' businesses which Dr. Austin may then possess or have under Dr. Austin's control.
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5. Notices:
5.1
All notices, requests, consents and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or sent by prepaid telegram, or mailed first-class, postage prepaid, as follows:
To Dr. Austin:
Dr. Margaret Austin
10930 Skyranch Place
Nevada City, CA 95959
To Company:
Kelvin Medical, Inc.
P.O. Box 1925
Nevada City, CA 95959
or as such other addresses as either party may specify by written notice to the other as provided in this Section 7.1.
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6. General
6.1
It is acknowledged that the rights of Company under this Agreement are of a special, unique, and intellectual character which gives them a peculiar value, and that a breach of any provision of this Agreement (particularly, but not limited to, the exclusivity provisions hereof and the provisions of Article 5 hereof), will cause the Company irreparable injury and damage which cannot be reasonably or adequately compensated in damages in an action at law. Accordingly, without limiting any right or remedy which the Company may have in the premises, Dr. Austin specifically agrees that Company shall be entitled to seek injunctive relief to enforce and protect its rights under this Agreement.
6.2
This Agreement sets forth the entire agreement and understanding of the parties hereto, and supersedes all prior agreements, arrangements, and understandings. Nothing herein contained shall be construed so as to require the commission of any act contrary to law and wherever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements. Without limiting the generality of the foregoing, in the event that any compensation or other monies payable hereunder shall be in excess of the amount permitted by any such statute, law, ordinance, or regulation, payment of the maximum amount allowed thereby shall constitute full compliance by Company with the payment requirements of this Agreement.
6.3
No representation, promise, or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise, or inducement not so set forth. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.
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6.4
This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms or covenants hereof may be waived, only by a written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either party at any time or times to require performance of any provisions hereof shall in no manner affect the right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.
6.5
This Agreement shall be governed by and construed according to the laws of the State of Nevada applicable to agreements to be wholly performed therein.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.
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