What do you guys think about this? It sounds like
Post# of 1481
(Total Views: 425)
Posted On: 08/15/2018 12:12:57 AM
What do you guys think about this? It sounds like a 3rd party is building the tablet for free for 7 percent.
Commitments and Contingencies
Distribution and License Agreement and Joint Development Agreements
The Company entered into a Distribution and License Agreement with a third-party for the purpose of developing a sensor array to be used in the Company’s product. The Distribution and License Agreement has an initial term of ten years, but can be terminated earlier if the project does not meet the specifications of the Company. The Company will obtain exclusive rights to sell and distribute once a successful sensor prototype is developed. In exchange for a functional prototype, the Company will pay the third-party a 7% royalty on net sales. During the six months ended June 30, 2018, the Company did not incur any development costs related to the Distribution and License Agreement.
Commitments and Contingencies
Distribution and License Agreement and Joint Development Agreements
The Company entered into a Distribution and License Agreement with a third-party for the purpose of developing a sensor array to be used in the Company’s product. The Distribution and License Agreement has an initial term of ten years, but can be terminated earlier if the project does not meet the specifications of the Company. The Company will obtain exclusive rights to sell and distribute once a successful sensor prototype is developed. In exchange for a functional prototype, the Company will pay the third-party a 7% royalty on net sales. During the six months ended June 30, 2018, the Company did not incur any development costs related to the Distribution and License Agreement.
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