Here is the Note 8 referred to in my previous post. Forgot
Here is the Note 8 referred to in my previous post. Forgot to include it.
8. LICENSE DEPOSITS
License deposits consist of monies received as deposits on sub-license agreements, primarily comprised of deposits from Renown in the amount of
$498,000 and from Almont in the amount of $300,000. These deposits are to be recognized as income on a straight-line basis over the remaining period
until expiration of the last remaining CSRV® patent in force in 2027. Through December 31, 2015, the Company has recognized a total of $91,000 of the
Almont deposit as revenue. The Company expects that sub-license-related activities by Renown may commence within the next twelve months and that it
will begin recognizing revenue at that time. Recognition of revenue from the Almont license is included in the statements of operations for the years
ended December 31, 2015 and 2014. The current portion of the license deposits represents the portion of the license deposits expected to be recognized as
revenue within one year from the balance sheet date. The balance of the license deposits is included in non-current license deposits.
Sub-licensing fee revenue for the years ended December 31, 2015 and 2014 amounted to $94,000 and $19,000, respectively. Included in sub-licensing fee
revenue for the year ended December 31, 2015 is $75,000 non-refundable sub-license fee deposit received in 2002 that was abandoned by the licensee.
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