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Bullboard - Stock Discussion Forum Generative AI Solutions Corp C.AICO

Alternate Symbol(s):  AICOF

Generative AI Solutions Corp. is a Canada-based artificial intelligence company. The Company is focused on developing a vertically integrated artificial intelligence (AI) solutions business through its MAI Cloud platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. It is focused on using AI to create... see more

CSE:AICO - Post Discussion

Generative AI Solutions Corp > PODA patent given away / inventors sold $ 45 million USD
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Post by deepoil0808 on May 13, 2022 8:48pm

PODA patent given away / inventors sold $ 45 million USD

In consulting the sedar documents I noticed a particular transaction that seems to have occurred in period of November 30, 2021.

Poda assigns patent to inventors (this is to Ryan and partner) for $ 146,583.   

The inventors then take this patent along with other patents and sell it for $ 45 million USD.

This assignment was not done at fair value as parties were related.

These patents were worth a fortune to PODA, inventors received $ 45 million USD, a part which should belong to PODA. 

Transaction can be reversed within a year I believe of it occcuring. 

=================================================================

Date of Sedar report:   November 30, 2021


On April 12, 2019, the Company acquired the rights to additional vaporizer-related intellectual property from the original founders of the Company (the “Inventors”) on the terms and conditions set forth in an amended and restated royalties’ agreement (the “Amended Agreement”). The Inventors and the Company previously entered into a royalties agreement dated April 19, 2015 (the “Original Agreement”), pursuant to which the Company agreed to pay royalties to the Inventors in the amount of 3% of the Company’s gross revenues in relation to the commercialization of certain inventions (the “Original Inventions”). Since that time, the Inventors have developed certain additional vaporizer-related inventions (the “New Inventions”) and in accordance with the terms and conditions of the Amended Agreement, the Company is granted a royalty-bearing exclusive license to commercialize, use, and sublicense the Original Inventions and the New Inventions. In exchange for the additional rights granted to the Company under the Amended Agreement, the Company has assigned the ownership of certain patents back to the Inventors and the royalty payable by the Company has been increased from 3% to 4.5%. The fair value of the patents assigned back to the Inventors was $146,583.

My personal opinion
Comment by MinerCPA on May 13, 2022 9:57pm
If this indeed happened and the patents were valued by related parties @ $146,583 the entire transaction is suspect and may be collapsed back to the original 3% royalty agreement. The patents would then be effectively owned by the corporation and become part of the $100 million dollar sale whereby the existing shareholders would beenefit pro-rata. Food for thought.......my opinion only.
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