Major news for MDRM As per 10Q... INTA
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Posted On: 11/20/2014 8:23:57 PM
Major news for MDRM
As per 10Q...
INTANGIBLE ASSETS – LICENSING AGREEMENT
On August 26, 2014, the Company, through a wholly-owned subsidiary, MDRM Group (Canada) Ltd, formed in Ontario, Canada, entered into an exclusive licensing agreement to market, sell and service proprietary stent technology within certain designated territories. The license was acquired for a cash payment of $66,290 and 5 million shares of the Company's common stock issuable as follows;
·
Two million (2,000,000) common shares upon delivery of certain materials, drawings and Prototypes to the Company;
·
Two million (2,000,000) common shares upon earlier of (i) the completion of a Prototype by the Company, or (ii) one year from the date of the agreement; and
·
One million (1,000,000) common shares upon receipt of approval from Health Canada for the sale in Canada of a device utilizing the intellectual property.
The Company has recognized a balance of stock issuable in the amount of $250,000 in respect of the5 million shares of the common shares of the Company issuable under the terms of the licensing agreement, valued at $0.05 per share based on the market price of our shares of common stock on the date of the agreement.
Management has determined the useful life of the acquired intellectual properties to be 5years. No amortization has been taken as at September 30, 2014, as the intellectual properties are not ready for their intended use. The Company must secure the approval of the governmental authorities in each licensed territory before it can manufacture and market the device in that particular territory. The Company is unable to predict how long it will take to secure the requisite approvals.
As per 10Q...
INTANGIBLE ASSETS – LICENSING AGREEMENT
On August 26, 2014, the Company, through a wholly-owned subsidiary, MDRM Group (Canada) Ltd, formed in Ontario, Canada, entered into an exclusive licensing agreement to market, sell and service proprietary stent technology within certain designated territories. The license was acquired for a cash payment of $66,290 and 5 million shares of the Company's common stock issuable as follows;
·
Two million (2,000,000) common shares upon delivery of certain materials, drawings and Prototypes to the Company;
·
Two million (2,000,000) common shares upon earlier of (i) the completion of a Prototype by the Company, or (ii) one year from the date of the agreement; and
·
One million (1,000,000) common shares upon receipt of approval from Health Canada for the sale in Canada of a device utilizing the intellectual property.
The Company has recognized a balance of stock issuable in the amount of $250,000 in respect of the5 million shares of the common shares of the Company issuable under the terms of the licensing agreement, valued at $0.05 per share based on the market price of our shares of common stock on the date of the agreement.
Management has determined the useful life of the acquired intellectual properties to be 5years. No amortization has been taken as at September 30, 2014, as the intellectual properties are not ready for their intended use. The Company must secure the approval of the governmental authorities in each licensed territory before it can manufacture and market the device in that particular territory. The Company is unable to predict how long it will take to secure the requisite approvals.
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