RE:RE:Commercial ApplicationAugust 3rd, 2019. That is the date.
Do they say I will take the 10 million shares now, because 5% of nothing.....is nothing.
Develop a commercial application.......Does that mean with no sales? When they bought the QNRG from them, you could say it had a commercial application......just no sales right? They originally claimed sales in the first year of operation, but found out nobody would touch them without patents.
I am only speculating, but that "commercial application" means sales.......so they can start,collecting their 5%.
This is taken from the MD&A dated November 29th, 2018 from SEDAR. Anybody can go to SEDAR and do a company search and view these documents.
On August 3, 2016, the Company entered into an Intellectual Property Assignment Agreement with Socit de Commercialisation des Produits de la recherche applique SOCPRA Sciences et Gnie SEC (“SOCPRA”) and its inventors by issuing a total of 6,000,000 common shares of the Company at a fair value of $0.05 per share, representing a total fair value of $300,000. The Company also reimbursed $13,838 to SOCPRA for the professional fees associated with the protection of the patent (“Acquisition”).
As of December 31, 2017, the patent has not been issued. Until the expiry of the last patent rights, the Company will pay to SOCPRA a royalty of 5% calculated on the net sales price of products sold by the Company. The royalty shall be calculated on a 12-month basis starting on the effective date and shall be paid by the Company to SOCPRA within 90 days following the expiry of each reference year. The Company may decide, during the three years following the closing date, to pay SOCPRA an amount of $1,500,000 or, at SOCPRA’s option, to issue to SOCPRA 10,000,000 common shares of the Company. In such case, any further royalties will cease to be due and SOCPRA shall not be entitled to any further payment from the Company in consideration for the intellectual property. If the Company does not find or develop a commercial application within three years, 50% of the intellectual property shall be transferred back to SOCPRA.
Best,
Hunter