Hey, Rjs, Joe says China "owes us $50MM".

Hey, Rjs,

Joe says China "owes us $50MM".

Here is what the deal says:

"Upon payment of the $5,000,000 (Five Million USD) licensing fee, the Joint entity will obtain a right of first refusal for the Ii-Key vaccine technology for oncology, infectious disease and autoimmune diseases for a license fee of $50,000,000 (Fifty Million USD)."

Again, not a lawyer. But this reads to me that, with the payment of the $5MM, they obtain a right of first refusal that carries a price tag of $50MM upon exercise of that right. I can't remember ever seeing that right being announced as exercised. (Please feel free to show me evidence of that, and I will be ecstatic.) Otherwise, what is the difference between the $5MM and the $50MM... ie, why wouldn't it just be a single $55MM payment?

Also, if the $50MM was, in fact, due upon payment of the $5MM, why have we not yet received it or any part of it (unless it has happened since 4/30 and Joe chose not to announce, which I see as highly unlikely)?

So, yes, our partners are paying for development, which is fantastic and not an accomplishment to be minimized.

However, when I suppose when we will see money coming in from our international deals, I think of revenues or licensing fees that belong to the Company and can be used for any purpose. The money coming in to pay costs is fantastic, but it does not change our overall situation until the work being paid for is successful (trials), as it can't be used to support any other initiatives. Others may see it differently, and I'm not sure which of these Beasley was originally asking about.