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License of GRADIUM Intellectual Property (Details Narrative) | Sep. 19, 2012
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License Of Gradium Intellectual Property Details Narrative |
Licensing agreement terms | The term of the license agreement extends beyond the remaining life of the patents. Under the terms of the license agreement, the Company received $150,000 in licensing fees, and will receive royalties on product sales starting in the fourth year of the agreement. The Company recognized and recorded the $50,000 in license income in “other income, net” on the accompanying consolidated statement of operations and comprehensive income for the three months ended September 30, 2012. The transaction is being accounted for under the guidance of Accounting Standards Codification (“ASC”) 605-10, Revenue Recognition which states, in part, revenue can be recognized when collection of the fee arrangement can be reasonably assured. The Company has determined that $50,000 of the $150,000 license fee under this arrangement, representing the first milestone payment, is reasonable assured of being collected as of September 30, 2012.

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