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PAYMENT SCHEDULE

Effective Date: May 4, 2017.

PhonePaycheck users will be paid for the use of their phone’s processor while it is charging and connected to WiFi. There will be three payment rates: Active Rate, Standby Rate, and Inactivated Rate. Active Rate will apply when Neocortix is actively using the phone’s processor. Standby Rate will apply when Neocortix is not actively using the phone’s processor. Inactivated Rate will apply when Neocortix has not activated the phone for earning, and will be zero.

The Active and Standby Rates will depend on the phone model. Our baseline condition is a modern Android smartphone such as a Samsung Galaxy S7 or S6. For these phones, the current rates are:

Phone ModelActive RateStandby Rate
Samsung Galaxy S7 or S6 $0.027379 per hour ($240/year for full-time use) $0.000684 per hour ($6/year for full-time standby)

For example, for a user with one main phone, available to us 8 hours/day, and one spare phone, available to us 24 hours/day, and Actively used 100% of the available time, the user would earn $80/year for the main phone and $240/year for the spare phone, for a total of $320/year. This represents the best-case earning scenario for that user. The user will earn less if the phone is in the Standby or Inactivated state, some or all of the time. Neocortix will make every reasonable effort to keep user's phones Activated and earning as much as possible by finding paying customers for Neocortix Cloud Services, but we cannot guarantee that all phones will be in the Active earning state all of the time. You may not register emulated devices. Emulated devices will have their Earnings Rate set to zero and/or be removed from our system.

In our initial testing period, we will pay the above rates for all phones that we activate. We reserve the right to create modified rates for other phones with less capable processors. And we reserve the right to modify the payment schedule or add other rates for other conditions as we deem necessary, without notice. When we update our payment schedule, we will post a new Payment Schedule to our website and update the Payment Schedule available in the PhonePaycheck app.

Users will be identified by their Google account email address and their PayPal account email address. Users with more than one phone running PhonePaycheck will see their total accumulated earnings from all phones displayed on each phone. For example, if one phone has earned $5 and another phone has earned $12, both phones will show that the user’s account has earned a total of $17. When the user redeems money from their PhonePaycheck balance to their PayPal account, both all phones will be updated to reflect the new balance. For example, if the user above has $17 in their account, and they redeem $9, both phones will show the new balance of $8.

Users must have a minimum balance of $10 to redeem money to their PayPal account, or to donate to a charity. Minimum redemption or donation amount is $10. Each user can activate up to 5 phones. We reserve the right to deactivate earning on the phone or set the earning rate to Inactive (zero) or Standby Rate, at any time, for any reason.

You may not register devices on more than one Google account, and you may only redeem earnings from devices associated with that single Google account to a single PayPal account. Attempts to redeem earnings from devices associated with other Google accounts will be blocked.

Charitable donations will be accumulated by Neocortix, and paid quarterly in full to the respective charities, and we will post total donations to each charity on our website within 30 days of making the donations. Charitable donations will neither be taxable nor tax-deductible.

If a given user's annual earnings are less than $600, the earnings will not be taxable and no IRS Form 1099 will be issued. If a given user's annual earnings are $600 or greater, those earnings will be taxable and an IRS Form 1099 will be issued. We will require your Social Security Number or foreign Tax Identification Number and proof of identity to redeem more than $600.