Ah, Jan. 1 not much time.
I would just say if you guys could come up with a couple sets of clear deliverables, and partition a portion of compensation to be paid only upon performance (delivery), it would look a lot more attractive and reasonable, assuming wallfacer is sufficiently capitalized to float the risk.
If not, I guess in 6 months we will be having a similar conversation. Generally best to get ahead of the curve when possible.