Generative AI Solutions Corp C.AICO

Poda patent $ 146,583 / Sold by inventors $ 45 million usd

[deepoil0808]

I am of the opinion that the patent belonging to Poda was not assigned at fair market value as the parties were related.

Poda assigned the patent back to the inventors for $146,583 and, then these inventors sold it for $ 45 million USD and are keeping the money.

A large chunk of that patent value belongs to Poda.

It is unfair to the loyal shareholder base.



ON SEDAR from company financials of 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.

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The fair value we know of today is $ 45 million USD and not $ 146,583 when assigned.   Management knew its value. 

Therefore assignment not done propertly at fair market value.

Lodge your complaints here at the BCSC to have this patent issue looked at:

https://ca.research.net/r/bcsc-complaint-form

My personal opinion, 

[Planetoflimes]

You have a pretty good point on that one. Might be worth sending a complaint on just that premise alone.

[podatlis1]

I just want to thank deep oil and Friends for all your efforts about this situation I appreciate you guys and gals fingers crossed

[CerealKiller]

Bahahawawawawa!!! Thanking the guy who suckered so many of you in! That's rich (and that is a pun).