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6. Investment In Stan Lee Universe | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Investment In Stan Lee Universe | Investment In Stan Lee Universe In July 2020, the Company and POW! entered into an agreement to form an entity “Stan Lee Universe, LLC” (the “SLU”). SLU will hold worldwide rights, on a perpetually renewing basis, to the name, physical likeness, and physical signature of Stan Lee. Further, the SLU will have access to the POW! catalogue of intellectual property, created by Stan Lee, to exploit in live-action and animated motion pictures, television, online, digital, publishing, comic book, and merchandising and licensing. As currently agreed, the Company will be the managing partner of the JV. As part of the agreement the Company agreed to contribute $2,000,000 in cash to SLU and $200,000 to in kind contribution of resources including office space equipment for a 50% ownership in SKU. The $2,000,000 cash contribution is payable in monthly payments of $250,000 starting August 2020. POW! will contribute for a 35% ownership in SLU:
| · | All right, title, and interest to the name, image, likeness, voice, signature, unique characteristics, and other personality rights recognized under California Civil Code Section 3344.1, and similar laws, to Stan Lee.
| · | All trademarks containing the “Stan Lee” name, including but not limited to the trademark “Stan Lee’s Superhero Kindergarten” (U.S. Serial No. 88653662);
| · | All copyrights and related contractual rights POW! owns in or has rights to in the work entitled, “Stan Lee’s Superhero Kindergarten”; and
| · | The websites and associated social media accounts operated under the name “TheRealStanLee”.
As an initial contribution and in exchange for a 15% ownership in SLU, the individuals granted shall contribute certain ongoing services to the SLU. The parties are in the process of finalizing the SLU operating agreement. As of September 30,2020, the Company has contributed $500,000 to the entity.

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