Via The Beat, which looks at their SEC filings.
Consideration: Wizard will pay total consideration of $77,500 for the Transaction comprised of an Initial Purchase Price of $60,000 and a 5-year consulting agreement with GCX for $3,500 per year payable in annual installments commencing in the year after the $60,000 Initial Purchase Price has been paid in full. The $60,000 purchase price will be paid out based on an annual royalty from Wizard’s revenue from Artist Alley/Creators’ Common tables, Exhibitor Booths, Sponsorship and related revenue streams (collectively “Exhibitor Revenue”) from Mid-Ohio-Con. For the avoidance of doubt, GCX will not be entitled to any revenue royalty related to box office ticket sales or merchandise sales.
Hey, sounds great. I’d love to sell my con for $77,500 too!
Wait, what’s that? That’s not a lump sum cash payment? But I still get $60,000 right off the bat, right? No? Oh, I see, “The $60,000 purchase price will be paid out based on an annual royalty from Wizard’s revenue from Artist Alley/Creators’ Common tables, Exhibitor Booths, Sponsorship and related revenue streams…”
Well, there’s still the $3,500/year consulting fee I get, right? Wait, what do you mean I only get that after the $60,000 “purchase price” has been paid. That thing’s based on royalties from table and booth fees, and there’s no guarantee how much that will be each year….
Oh, right. Nice work, Wizard lawyers. Well played.