PANDA
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Terms of Service

Version 2.1 — Effective July 30, 2026

1. Acceptance

These Terms of Service ("Terms") govern your use of the Panda desktop application, the tspanda.com website and related services ("Service"), operated by BACKSIDE (ADAP COBRANÇAS LTDA, CNPJ 28.417.870/0001-80) ("BACKSIDE", "we", "us"). By creating a subscription, starting a trial or using the Service you agree to these Terms. These Terms work together with the End User License Agreement (EULA), Privacy Policy, Refund Policy, Financial Disclaimer and, for consumers resident in Brazil, the Brazil Addendum — all incorporated by reference.

Eligibility. You must be at least 18 years old and able to form a binding contract to use the Service. The Service is intended for individual traders, not for persons prohibited from receiving it under applicable law.

2. What Panda is — and is not

Panda is a market-data and analytics tool for active traders. It displays quotes, filings-derived dilution intelligence, scanners, charts and AI-generated commentary. Panda is not a broker-dealer, investment adviser or financial advisor. Nothing in the Service constitutes investment advice, a recommendation, or an offer or solicitation to buy or sell any security. All trading decisions are exclusively yours. Trading involves substantial risk of loss. See the Financial Disclaimer.

3. License and API key

Subject to payment, we grant you a personal, non-exclusive, non-transferable license to install and use Panda on machines you control, for your own trading. Access is provisioned through an API key issued to you. You may not share, resell or sublicense your key or the data delivered through it, scrape or redistribute the Service's data, or reverse-engineer the software. The full terms of this license — including restrictions, ownership, warranty and beta status — are set out in the EULA, which you accept when you install or use the software.

4. Plans, subscription, trial and billing

  • The Service is offered in two plans. Panda Starter is billed US$89.90 per month, or US$899 per year (US$74.92/month) when billed annually. Panda Pro — Starter plus AI Insight and the AI-derived chart levels — is billed US$189.90 per month, or US$1,899 per year (US$158.25/month) when billed annually. All prices are in US dollars and exclude any taxes that apply in your country.
  • New subscriptions on either plan start with a 7-day free trial. A valid payment card is required; the first charge occurs automatically at the end of the trial unless you cancel before it ends.
  • Payments are processed by Stripe; we do not store your card details. BACKSIDE is the seller of record — Stripe is our payment processor, not the seller.
  • Your subscription renews automatically at the end of each billing period (monthly or annual) at the then-current price of your plan, and your card is charged, until you cancel. Prices may change with at least 30 days' notice, effective on your next renewal.
  • Upgrading (Starter → Pro) takes effect immediately. You are charged the difference between the plans, pro-rated for the days remaining in your current billing period, at the moment you confirm the change; the Pro features unlock straight away on your existing API key.
  • Downgrading (Pro → Starter) takes effect at the end of the current billing period. You keep Pro until that period ends and your next renewal is charged at the Starter price. No credit or refund is issued for the period already paid.
  • Cancellation does not refund the period already paid — you can cancel at any time and access continues until the end of that period, after which the subscription ends and no further charge is made. This is separate from, and does not limit, the 7-day refund in Section 5.

5. Refunds

Every charge is covered by a 7-day no-questions refund: request it within 7 days of that specific charge and we refund that charge in full — this applies to each monthly or annual charge, counted from its own billing date. See the Refund Policy. Consumers resident in Brazil also hold the statutory 7-day right of withdrawal under the Brazil Addendum.

6. Data and availability

Market data, filings intelligence and AI commentary are provided "as is", may contain errors or delays, and can be interrupted by upstream providers, exchanges or maintenance. We do not warrant accuracy, completeness or uninterrupted availability, and we may modify features over time. Panda is currently a beta release and may change without notice.

AI-generated commentary — including "AI Insight" and any named "play", stage, level or confidence rating — is an automated, non-advisory analysis that may be incomplete, delayed or wrong. It is not a recommendation and must not be relied on as the basis for any trade.

7. Acceptable use

You agree not to use the Service unlawfully, probe or overload our infrastructure, or use automated means to extract data beyond the app's intended operation. We may suspend or terminate keys that violate these Terms, with a pro-rata refund of any unused paid period when the violation is not abusive or fraudulent.

8. Intellectual property

The Panda software, brand, design and content are owned by BACKSIDE and protected by applicable law. These Terms grant use, not ownership.

9. Disclaimer and limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SERVICE IS PROVIDED "AS IS" WITHOUT WARRANTIES OF ANY KIND. WE ARE NOT LIABLE FOR TRADING LOSSES OR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES. OUR TOTAL AGGREGATE LIABILITY IS LIMITED TO THE FEES YOU PAID US IN THE THREE (3) MONTHS PRECEDING THE CLAIM. Nothing here excludes liability that cannot be excluded under applicable law, including mandatory consumer-protection rights.

10. Termination

You may stop using the Service at any time. We may terminate for breach of these Terms. Sections 8, 9 and 11 survive termination.

11. Governing law and dispute resolution

These Terms are governed by the laws of Brazil, without regard to conflict-of-laws rules. Nothing in this section deprives you of any mandatory consumer protection under the law of your country of residence, including any right that law guarantees to bring claims in your local courts.

Informal resolution first. Before starting any formal proceeding, send a written description of the dispute to [email protected] (we will write to your subscription e-mail) and allow 60 days of good-faith negotiation from receipt of the notice.

Users resident outside Brazil — arbitration. Any dispute arising out of or relating to the Service that is not resolved informally will be resolved by final and binding arbitration on an individual basis, administered by the American Arbitration Association (AAA) under its Consumer Arbitration Rules — or, where those rules do not apply, by the AAA's International Centre for Dispute Resolution (ICDR) under its rules — in English, before a single arbitrator, by videoconference or on documents only, with fees allocated as those rules provide. You and BACKSIDE waive any right to a jury trial and to participate in a class, collective or representative action. Either party may still bring an individual claim in small-claims court where it qualifies, or seek injunctive or equitable relief in court to protect intellectual property or confidential information. If the class-action waiver is found unenforceable as to a particular claim, that claim — and only that claim — proceeds in court, and the remainder stays in arbitration. You may opt out of arbitration entirely by e-mailing [email protected] within 30 days of first accepting these Terms, stating your name, subscription e-mail and that you opt out.

Consumers resident in Brazil. The arbitration and class-action-waiver provisions above do not apply to you to the extent they conflict with the Consumer Protection Code (Law No. 8.078/1990). You may bring claims in the court of your own domicile, and the mandatory protections of the Brazil Addendum prevail over any conflicting term or language-precedence clause.

12. Changes

We may update these Terms; material changes will be announced in the app or by e-mail at least 15 days in advance, and the version and effective date above will be updated. Your continued use after a change takes effect constitutes acceptance. Changes to Section 11 (dispute resolution) do not apply to disputes that arose before the change took effect.

13. Contact

Questions about these Terms: [email protected].