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ROYALTY OBLIGATIONS | 9 Months Ended
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Sep. 30, 2022
Royalty Obligations |
ROYALTY OBLIGATIONS | NOTE 8 ROYALTY OBLIGATIONS The Company has a license agreement with General Electric (“GE”) which provides, among other things, for rights to market certain of the Company’s products displaying the GE brand in consideration of royalty payments to GE. The agreement cannot be assigned or sublicensed. The agreement imposes certain manufacturing and quality control conditions to continue to use the GE brand. The agreement expires in November 2023. In the event the Company receives significant funding rounds of at least $50 million, the Company is required to use a portion of such funding to pay certain amounts to GE. The Company must make certain fixed and variable royalty payments through the terms of the agreement. Variable royalty payments are due quarterly, using a December 1 – November 30 contract year and based upon the prior quarter’s sales. Royalty payments will be paid from sales of GE branded product subject to the following repayment schedule: SCHEDULE OF ROYALTY OBLIGATIONS
Net Sales in Contract Year |  | Percentage of Contract Year Net Sales owed to GE |
$0 to $50,000,000 |  |  | 7 | %
$50,000,001 to $100,000,000 |  |  | 6 | %
$100,000,000+ |  |  | 5 | %
As of September 30, 2022 and December 31, 2021, the outstanding balance of the aggregate minimum payment was $2,938,000 and $3,838,000, respectively. Minimum fixed future payment obligations are approximately as follows: SCHEDULE OF ROYALTY OBLIGATION MINIMUM FUTURE MINIMUM PAYMENT
Year |  | Minimum Obligation
2022, remaining period |  | $ | 300,000 |
2023 |  |  | 2,638,000 |
Total principal payments |  | $ | 2,938,000 |

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