|9 Months Ended|
Sep. 30, 2015
|Notes to Financial Statements|
|NOTE 7 - SUBSEQUENT EVENTS||
NOTE 7 – SUBSEQUENT EVENTS
On October 16, 2015, the Company entered into a Patent Purchase Agreement whereby the Company acquired 31 United States and foreign patents in return for an interest in the net recoveries.
On October 23, 2015, the Company entered into Amendment No. 1 to Forbearance Agreement (the “Amendment”) to the Forbearance Agreement entered into with MedTech Development on July 13, 2015. MedTech Development is the holder of a Promissory Note issued by the Company, dated October 10, 2014, which was issued by the Company as part of the consideration for the purchase price of the Medtech Entities. Pursuant to the Amendment, the due date of the Promissory Note was extended to October 23, 2016 in return for which the Company made a payment of $100,000 on October 23, 2015 and modified the terms under which the Company agreed to make mandatory prepayments under certain circumstances.
On October 30, 2015, the Company and Dominion Harbor Group, LLC (“Dominion”) entered into a settlement agreement whereby the Company agreed to 1) pay Dominion $250,000 in cash, with $50,000 payable immediately and the remainder payable in eight equal payments over the next eight quarter starting on January 15, 2016 and 2) issue Dominion 300,000 restricted shares of the Company’s Common Stock, with 200,000 of these shares locked up until May 4, 2016 and the remaining 100,000 shares locked up until November 3, 2016.
On November 16, 2015, the Company made a payment in the amount of $100,000 towards the remaining balance of the note to Medtronic pursuant to the purchase of the Medtech Entities and is negotiating with Medtronic to pay the remaining amount.
On November 15, 2015, the Company entered into an agreement with Bridgestone Americas, Inc. (“Bridgestone”) whereby Bridgestone and the Company terminated the German Patent Purchase Agreement entered into on April 23, 2015. The effect of this is that effective November 15, 2015, the current book value of the patents will be removed from the Company's balance sheet as will the entirety of the debt associated with the purchase agreement in the amount of $10 million. The Company made no payments to Bridgestone pursuant to the German Patent Purchase Agreement.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.