Buddyboy20 linked an article concerning CYDY's pur
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Posted On: 02/07/2023 1:19:43 PM
Re: Buddyboy20 #132748
Buddyboy20 linked an article concerning CYDY's purchase of "Advanced Influenza Technologies". I had not heard of AITI and was curious about it, so I looked on EDGAR to get some background. This is from a 10-K filed 3-12-2010 (for the year ended 5-31-2008):
On July 18, 2006, CytoDyn, Inc. entered into an acquisition agreement with a consulting company to purchase all 1,000 issued and outstanding shares of Advanced Influenza Technologies, Inc. (AITI), a Florida Corporation, in exchange for 2,000,000 unregistered restricted common shares of CytoDyn, Inc. stock.
The transaction was accounted for as an asset purchase and not an acquisition of a business as AITI had no employees, operations, or customers, and was essentially a shell corporation that was incorporated to consummate the purchase. Pursuant to the agreement, the Company acquired $512,200 in cash and a prepaid sponsored research project of $162,800 from the University of Massachusetts to further the technology. Milestone fees are payable to the University per licensed product and due within 30 days of the event of certain occurrences required.
AITI agreed to fund a two-year ($325,600) unrestricted project ($162,800 per year) under the Sponsored Research Agreement, with the primary objective during the first year to conduct lab work to provide well documented research studies. If after one year the desired outcome is not achieved, the agreement can be cancelled and the second year's payment is not required. The Company did not make the second payment and, consequently, as of May 31, 2008, the Company has no right to the above license agreement.
This is from a 10-K filed 8-10-2010 (for the year ended 5-31-2009):
Advanced Influenza Technologies, Inc. was incorporated under the laws of Florida on June 9, 2006. This subsidiary was abandoned as the Company terminated the license agreement acquired by AITI for a DNA plasmid vaccine from the University of Massachusetts.
On July 18, 2006, CytoDyn, Inc. entered into an acquisition agreement with a consulting company to purchase all 1,000 issued and outstanding shares of Advanced Influenza Technologies, Inc. (AITI), a Florida Corporation, in exchange for 2,000,000 unregistered restricted common shares of CytoDyn, Inc. stock.
The transaction was accounted for as an asset purchase and not an acquisition of a business as AITI had no employees, operations, or customers, and was essentially a shell corporation that was incorporated to consummate the purchase. Pursuant to the agreement, the Company acquired $512,200 in cash and a prepaid sponsored research project of $162,800 from the University of Massachusetts to further the technology. Milestone fees are payable to the University per licensed product and due within 30 days of the event of certain occurrences required.
AITI agreed to fund a two-year ($325,600) unrestricted project ($162,800 per year) under the Sponsored Research Agreement, with the primary objective during the first year to conduct lab work to provide well documented research studies. If after one year the desired outcome is not achieved, the agreement can be cancelled and the second year's payment is not required. The Company did not make the second payment and, consequently, as of May 31, 2008, the Company has no right to the above license agreement.
This is from a 10-K filed 8-10-2010 (for the year ended 5-31-2009):
Advanced Influenza Technologies, Inc. was incorporated under the laws of Florida on June 9, 2006. This subsidiary was abandoned as the Company terminated the license agreement acquired by AITI for a DNA plasmid vaccine from the University of Massachusetts.
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