Refundable deposit clause samples

As of September 14th, the Company has received retail orders for 579 SOLOs and 102 retail Tofinos with the balance order volume of each product being corporate orders.* All retail orders of the SOLO require a $250 refundable deposit, while the Tofino orders require a $1,000 refundable deposit. Corporate orders require a Letter of Intent and all orders are non-binding.

4.1 Refundable Deposit. The Company and the Consultant acknowledge and agree that (i) a refundable deposit of $25,000 is required to be made by the Company and held by the Consultant until termination or expiration of this Management Consulting Agreement; (ii) the Short-Term Consulting Contract requires a similar refundable deposit of $25,000, which the Company paid and Consultant is now holding (the “Existing Deposit”); and (iii) the Existing Deposit shall be deemed to satisfy the refundable deposit requirement under this Agreement, shall be held by Consultant pursuant to this Section 4 and refunded to the Company as provided herein.Consultant shall promptly refund the deposit to the Company upon termination or expiration of this Agreement.

In consideration for the acquisition of Black Dragon, we issued an aggregate of 20,000,000 shares of our common stock to the two vendors on the closing date and paid $100,000 prior to the closing as a non-refundable deposit. In addition, we assumed the obligation for certain cash payments totaling $2.7 million before September 1, 2018 (or $2.4 million if all payments are made by September 1, 2017) for the working interest in the Black Dragon Property.

On April 19, 2017, the Company entered into the Share Exchange Agreement with Arista Capital Ltd. (“Arista Capital”) and the Arista Capital Shareholders (the “Share Exchange Agreement”) pursuant to which the Company agreed, subject to the terms and conditions in the Share Exchange Agreement, to exchange newly issued shares of the Company for shares of Arista Capital held by the Arista Capital Shareholders, with Arista Capital becoming a wholly-owned subsidiary of the Company (the “Transaction”). The closing of the Transaction (the “Closing”) was to take place sixty days after the execution of this Agreement. On July 18, 2017, the parties entered into the First Addendum to the Share Exchange Agreement, pursuant to which the closing date for the Transaction was scheduled for September 15, 2017. In connection with this First Addendum, Arista Capital paid the Company a $15,000 non-refundable deposit, and had the right to extend the closing date in intervals of thirty days upon payment of an additional non-refundable deposit of $10,000 for each requested extension interval. In November 2017, Arista Capital paid the Company an additional $10,000 non-refundable deposit. The Closing occurred on December 14, 2017. At Closing, Arista Capital paid the Company $72,500 which was used to pay all remaining outstanding liabilities of Praco.

4.We note your disclosure that some of your developer clients require you to pay an upfront and refundable deposit. Please revise to more specifically describe these deposits, when you are entitled to refunds of such deposits and how these deposits impact your operations.

In September 2015, the Company entered into a three year lease with a base monthly rent of $11 to move its corporate headquarters to Los Altos, California.Upon execution of the lease, the Company paid a $50 refundable deposit.As a result of the Company’s strategic shift, the Company expects to early terminate the Los Altos California office lease.Pursuant to the terms of the lease agreement, the Company will prepay six months of lease obligations and forfeit its refundable deposit of $50.The Company expects to settle this lease obligation totaling approximately $118, inclusive of the refundable deposit during the fiscal year ended June 30, 2017.