On August 6, 2015, Soupman, Inc. received $100,000 in bridge financing from The Grilled Cheese Truck, Inc. (GCT). GCT and the company intend to enter into a Master Franchise Agreement, between GCT and Kiosk Concepts, Inc., and the franchising subsidiary of Soupman pursuant to which the, Franchisor intends to grant GCT: the exclusive right to establish and operate an independent business that sells and services The Original Soupman franchises in North America and the right and obligation to market and sell independent Franchises to qualified individuals and persons (the Sub-Franchisees), along with a license to use the methods, procedures and products developed by Franchisor in the business of selling and servicing the Franchises. The proposed Franchise Agreement has not been executed and cannot be executed until New York State approval has been secured.

In connection with the $100,000 in bridge financing received by the company, the company and GCT have agreed that no further negotiations will take place regarding the terms of the proposed Franchise Agreement. Under the proposed Franchise Agreement, GCT will pay Franchisor a monthly royalty fee based on revenue generated by the Sub-Franchisees equal to 25% of aggregate royalty fees paid to GCT by such Sub-Franchisees in the Territory. GCT will also pay Soupman a franchise sales royalty fee for each Franchise it sells in the Territory equal to 25% of the initial franchise fee collected from each Sub-Franchisee.

In order to maintain exclusivity in the Territory, GCT is also obligated to purchase a minimum amount soup from the Franchisor in accordance with a schedule of purchase obligations set forth in the Franchise Agreement. GCT and any Sub-Franchisees will operate the Franchises in the Territory using the assumed trade name The Original Soupman. The proposed Franchise Agreement has a term of 10 years, with GCT having the option to renew the term for 4 additional 10 year terms, upon written notice given by GCT to Franchisor not less than 6 months nor more than 12 months prior to the scheduled expiration date of the term then in effect.

GCT's right to renew the term of the Franchise Agreement is subject to certain conditions set forth in the Franchise Agreement including, but not limited to, the payment of a renewal fee in the sum of $10,000. The Franchise Agreement may be terminated by Franchisor immediately and without notice upon GCT's insolvency, bankruptcy or the appointment of a receiver or other custodian for GCT's business or assets. The Franchise Agreement may be terminated by Franchisor immediately upon receipt by GCT of notice from the Franchisor, upon the occurrence of any event of default under the Franchise Agreement, including, but not limited to, the abandonment of a Franchise by GCT without Franchisor's consent, GCT's breach of certain covenants set forth in the Franchise Agreement and failure to make timely payments to Franchisor.