Datasea Inc. (OTCMKTS:DTSS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On March 15, 2018, Datasea Inc., a Nevada corporation (the “Company”), entered into a banking service direct sales cooperation agreement (the “Agreement”) with China Minsheng Banking Corp., Ltd, Tianjin Branch (the “Minsheng Bank”).
to the Agreement, the Company will establish a portal on its “Xin Platform” through which the platform users may purchase financial products offered by the Minsheng Bank. In consideration, Minsheng Bank will pay to the Company service fees calculated based on the amount of the financial products the platform users purchase and hold. For each specific product, the service fee will be calculated according to the formula below.
T-days service fee = annual rate (0.12%) × the amount of the financial products the platform users maintain as of day (T-1) × net value of the financial product ÷ 365
The Agreement has a term of two years and will be automatically extended one more year if neither party terminates the Agreement within the last month of the two-year term.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, which the Company intends to file as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2018.
About Datasea Inc. (OTCMKTS:DTSS)
Datasea Inc. is an early-stage company, which is engaged in the business of providing Internet security products, new media advertising, micro-marketing and data analysis services in the People’s Republic of China. Through its end-consumer marketing platform, the Company seeks to offer marketing solutions to businesses. The Company’s products and services can be delineated into five categories: Internet Security Equipment, New Media Advertising Service, Micro Marketing Service, Internet Service Provider (ISP) Connecting Service and Big Data Processing Service. The Company offers Internet security equipment. The Company has developed over three types of indoor equipment designed for facilities of different sizes and one type of outdoor equipment primarily for use by local branches of the Ministry of Public Security of People’s Republic of China. The Company has developed an electronic platform, Xin Platform. The Company had not generated any revenue.