On October 10, 2022, Veritec, Inc. entered into a License and Distributor Agreement with Nugen Universe, LLC. The License Agreement is for a period August 10, 2022 (effective date) through August 31, 2027, and grants NU a Worldwide license and distribution for the Company's blinxPay Close-Loop Virtual Wallet and blinxPay Open-Loop Visa Debit and all hardware products of the Company. NU shall pay the Company a one-time license payment of $1,000,000 for the right to market the Company's products noted above, of which $200,000 was received by the Company.

The remaining balance of $800,000 is scheduled to be paid as outlined in the License Agreement. In addition to the one-time license payment, EU agrees to pay a minimum monthly support fee plus 5% royalty from all sales of products noted above.