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Note 10 - Related Party Transactions | 3 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
10. | Related Party TRANSACTIONS
The Company has received a series of non-interest-bearing advances from Mr. Wong Kwok Fong, a director of the Company, and Mr. Michael DePasquale, the Company’s Chief Executive Officer, to pay current liabilities. The balance of the advances as at March 31, 2020 was $66,466 and $0, respectively, and as of December 31, 2019 was $74,737 and $114,000, respectively. The balances owed are due on demand. Sales Incentive Agreement with TTI On March 25, 2020, the Company entered into a sales incentive agreement Technology Transfer Institute (“TTI”). One of the Company’s board members is the Chief Executive Officer of TTI. Terms of the agreement include the following:
| 1. | The term of the agreement is one year unless notice to terminate (as defined) is given. The agreement will be automatically extended for additional one -year terms unless terminated.
| 2. | For each $5,000,000 in revenue (up to a maximum of $20,000,000 ) TTI generates during the first year that generates net income of at least 20% (as defined), the Company will pay TTI a sales incentive fee of $500,000 payable by the issuance of 500,000 shares of common stock.
| 3. | In the event that TTI generates revenue in excess of $20,000,000 during the first year, the Company will issue TTI a five -year warrant to purchase 100,000 shares of Common Stock at an exercise price of $1.50 per share for each $1,000,000 of revenue in excess of $20,000,000 (up to a maximum of $25,000,000 ).
In no event will the Company be obligated to issue more than 2,000,000 shares of common stock or warrants to purchase more than 500,000 shares of common stock pursuant to this agreement. There have been no revenue generated or sales incentive fees paid during the three months ended March 31, 2020.

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