Q Results released - some additional info on IP purchase Subsequent Events
Transactions related to IP Acquisition
On December 13, 2013 the Corporation entered into consulting agreements with the previous owners of the recently acquired IP to provide advice and direction on future development of the technology. Payment of $96 in cash was advanced on signing of the contract and 560,000 common shares of the Corporation will be issued on or about February 7, 2013 as full consideration for the contract.
On December 13, 2013 the Corporation advanced $200 by way of a promissory note to a related party for the purpose of financing the development the Intellectual Property ("IP") acquired on October 7, 2013 (note: 9). The note is due on demand and bears interest at the Canadian prime rate.
Finally, on December 13, 2013 the Corporation executed an agreement with the former owners of the IP to waive all future rights to any royalties from the IP. Total value of the agreement was $48. $24 was paid upon signing the agreement with the remainder due in February 2014.