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Posted On: 01/18/2022 9:13:21 PM
Post# of 30038
From the amended prospectus:
"During the first quarter of 2021, the Company’s contractual agreement to supply Covid-19 testing kits to NOAH Laboratories, Inc., a significant customer expired. At
the customer’s request, the Company continued to supply Covid-19 testing kits until such time as the customer requested that the Company stop doing so. The customer has not
yet paid for some of the Covid-19 testing kits so supplied and has not yet renewed its agreement with the Company. On November 15, 2021, Todos USA sent a demand letter
(the “Demand Letter”) to the significant customer with which our contractual agreement to supply Covid-19 testing kits expired. The Demand Letter seeks (a) payment for
testing kits that Todos USA supplied for which it was not paid, in the amount of $3,465,000, (b) the return of Todos USA’s equipment, title to which remains with Todos USA
unless and until the significant customer meets a minimum purchase requirement, and (c) payment of damages as a result of the significant customer’s unlawful retention of
Todos USA’s equipment, in an amount anticipated to be $2 million. The Company and Todos USA are negotiating a settlement with NOAH Laboratories, Inc., which the
Company believes will result in most of the Company’s demands being met.
"
We're also no longer and "Emerging Growth Company"
"In the License Agreement, T-Cell Protect acknowledged that the Company[Todos] intends to assign the License Agreement to a subsidiary being formed by the Company
to focus on the development of 3CL protease biology called 3CL Sciences, Inc. (“3CL Sciences”)."
"During the first quarter of 2021, the Company’s contractual agreement to supply Covid-19 testing kits to NOAH Laboratories, Inc., a significant customer expired. At
the customer’s request, the Company continued to supply Covid-19 testing kits until such time as the customer requested that the Company stop doing so. The customer has not
yet paid for some of the Covid-19 testing kits so supplied and has not yet renewed its agreement with the Company. On November 15, 2021, Todos USA sent a demand letter
(the “Demand Letter”) to the significant customer with which our contractual agreement to supply Covid-19 testing kits expired. The Demand Letter seeks (a) payment for
testing kits that Todos USA supplied for which it was not paid, in the amount of $3,465,000, (b) the return of Todos USA’s equipment, title to which remains with Todos USA
unless and until the significant customer meets a minimum purchase requirement, and (c) payment of damages as a result of the significant customer’s unlawful retention of
Todos USA’s equipment, in an amount anticipated to be $2 million. The Company and Todos USA are negotiating a settlement with NOAH Laboratories, Inc., which the
Company believes will result in most of the Company’s demands being met.
"
We're also no longer and "Emerging Growth Company"
"In the License Agreement, T-Cell Protect acknowledged that the Company[Todos] intends to assign the License Agreement to a subsidiary being formed by the Company
to focus on the development of 3CL protease biology called 3CL Sciences, Inc. (“3CL Sciences”)."
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