|3 Months Ended|
Mar. 31, 2016
NOTE 7 – SUBSEQUENT EVENTS
On April 18, 2016, a wholly-owned subsidiary of the Company entered into a settlement agreement under which the Company agreed to dismiss with prejudice certain pending litigation. Under the terms of the settlement the Company will book revenue on the amount of $24.9 million. A portion of the proceeds of the settlement will be paid to the original patent owner as well as contingent fees to counsel. In connection with the settlement, the parties have agreed to keep the additional terms of the settlement confidential. The Company believes that other voice recognition services also infringe patents involved in the settled action.
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.