INEO Issues Notice of Material Breach to Bon Intelligence and Terminates Reseller Agreement

Executive Summary

• INEO Solutions Inc. issued a formal notice of material breach to Bon Intelligence Inc. under their May 27 2025 License Agreement, citing failures to meet payment and reporting obligations.
• The company also terminated the related Reseller Agreement with Bon effective immediately, revoking all reseller rights.
• INEO is reviewing the $206,625 of revenue recognized in Q2 2025 from the Bon agreement, which may be written‑off or otherwise adjusted pending audit review.

Key Details

• Material Breach Notice: Delivered by INEO Solutions to Bon Intelligence, identifying multiple breaches including non‑payment and inadequate reporting.
• Cure Period: Bon must remedy the breaches within the contractual cure periods; failure will trigger termination of the License Agreement and pursuit of all legal remedies.
• Reseller Agreement Termination: Effective immediately, Bon is no longer authorized to market, sell, distribute, or represent INEO products/services. Immediate cessation of such activities was demanded.
• Revenue Impact: $206,625 of revenue recognized in the quarter ended June 30 2025 related to the Bon agreement may be subject to write‑off or adjustment after further review and auditor discussion.
• Accounting Assessment: INEO is evaluating the potential accounting impact of the breach and possible revenue reversal.

Notable Quotes

“We are taking decisive action to enforce our contractual rights and protect shareholder value,” – Kyle Hall, CEO and Director, INEO Tech Corp.