EXCLUSIVE LICENCING AGREEMENT - MTrac (Details) - USD ($) |
Dec. 17, 2018 |
Nov. 06, 2018 |
Oct. 02, 2018 |
Jun. 12, 2018 |
Feb. 01, 2018 |
Nov. 30, 2018 |
|---|---|---|---|---|---|---|
| EXCLUSIVE LICENCING AGREEMENT - MTrac (Details) [Line Items] | ||||||
| Licensing Agreement, Term | 5 years | 1 year | ||||
| Equity Method Investment, Ownership Percentage | 100.00% | |||||
| Proceeds from Licensing Agreement | $ 90,000 | |||||
| Contract with Customer, Liability, Explanation of Change | we agreed with MTrac to cancel the MTrac JV and replace it with a new exclusive licensing agreement (the “MTrac 5 Year License”) which granted MTrac exclusive use of our technology for high risk industries for a period of 5 years, while cancelling MTrac’s planned equity investment. We applied $270,000 of the $360,000 MTrac had paid us on March 15, 2018 to this MTrac 5 Year License, with the remaining $90,000 paid by MTrac on or about November 6, 2018 | |||||
| Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | On or about December 17, 2018, all previous agreements with MTrac were revoked, at which point we entered into a new 5-year exclusive three-party Software License and Services Agreement with Exclusivity with MTrac and Cultivate (referred to as the “Current Exclusive License”). Under the terms of the Current Exclusive License, PubCo waived all future licensing fees for the remaining 4-year term (in recognition of MTrac’s introduction of Kenneth Haller to PubCo – see Section M. Kenneth Haller below) and gave MTrac the exclusive right to market the Current Platform to high risk cannabis merchants in North America and to license the Current Platform to non-high risk merchant on a nonexclusive basis. The parties’ revenue sharing agreement was newly defined as a split of revenue derived from the processing of the payments from merchants referred under the Current Exclusive License, distributed after deducting certain agreed upon costs, as follows: 50% to MTrac, 25% to PubCo and 25% to Cultivate. In order for MTrac to maintain exclusivity rights under the Current Exclusive License, MTrac must meet certain merchant payment processing targets, subsequently modified under a verbal agreement, as follows: as of September 1, 2019, $10,000,000 in monthly processing volume (which MTrac achieved); as of January 1, 2020, $25,000,000; and as of June 1, 2020, $40,000,000 in monthly process volume. | On or about October 2, 2018, we entered into a three-party agreement with MTrac and Cultivate Technologies, LLC (“Cultivate”) a Nevada Corporation, to redefine pricing and revenue sharing under a new agreement (the “Unified Agreement”). The Unified Agreement did not eliminate the licensing fees stated in the MTrac 5 Year License, but added and defined a profit sharing agreement on all accounts generated by the merchants and agents that MTrac procured for PubCo, as follows: 40% to MTrac, 40% to PubCo, and 20% to Cultivate, with profit defined as Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”), adjusted for non-cash long-term compensation, based upon publicly filed financial information. Under the terms of the Unified Agreement, MTrac was granted the exclusive right by Cultivate and us to market the GreenBox Business’ new blockchain ledger-based payment platform which combined our proprietary system with certain proprietary technologies owned by Cultivate, which in combination offer a payment platform that allows a much more user-friendly payment system (the “Current Platform”). | ||||
| Joint Venture Agreement [Member] | ||||||
| EXCLUSIVE LICENCING AGREEMENT - MTrac (Details) [Line Items] | ||||||
| Equity Method Investment, Ownership Percentage | 4.00% | |||||
| Proceeds from Issuance or Sale of Equity | $ 1,000,000 | |||||
| Post Money Valuation of the Company | 25,000,000 | |||||
| Proceeds from Licensing Agreement | $ 360,000 |