RE:RE:RE:RE:RE:RE:RE:RE:RE:New PRI'm not sure what you are saying here. They made the US$1.9 million payment when they signed the licensing agreement. They still owed US$1 million. They said when they signed the financing agreement with Orca wherein they sold the pilot plant that they were obligated to set aside US$1 million of the US$2 million financing for this balance owned under the licensing agreement. When you have a legal agreement to set aside money, it must appear on the balance sheet as restricted cash of some sort and as a liability. At least, that's my understanding. This amount never appeared as such in any of their financials subsequent to that 2017 press release.
This is from page 21 of the 9/30/2018 MD&A (the bolding is by me):
The Company’s announcement on November 7th, 2018 indicating that it intends to exercise the OTP Agreement with IBC effectively removes (if completed) the formerly contemplated requirement that the Company complete the formation of a joint venture with IBC since, under such circumstances, IBC would be a wholly-owned subsidiary of Ucore. Notwithstanding the foregoing, there remains a USD $1 million dollar payment to IBC (“the Legacy Payment”) pursuant to the joint venture agreement, which must be paid concurrent with the funds required to complete the OTP Agreement, and there remains a risk that the Company will be unable to raise sufficient funds required to make the Legacy Payment.