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Subsequent Events
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

NOTE 7 SUBSEQUENT EVENTS

 

We signed an agreement with Nguyen Business & Investment Co., Ltd. as our exclusive reseller in Vietnam. We have received a deposit of $50,000 against a committed $1,000,000 prepaid Sentir license to be paid in full on or before December 15, 2015.

 

Nguyen Business & Investment Co., Ltd. has formed Iveda Vietnam CO., LTD (“Iveda Vietnam”) to be the operating entity to license the Sentir platform and purchase hardware such as Iveda’s ZEE plug and play cameras and IvedaHome cloud automation system. The IvedaMobile app, which leverages existing smartphones to stream live video, will also be licensed country-wide by Iveda Vietnam to mobile phone providers.

 

Iveda Vietnam will resell the prepaid Sentir licenses to telecommunications, datacenter and manufacturing customers in Vietnam, with some of which we have previously announced contracts. Iveda Vietnam will facilitate finance and logistics aspects of our current contracts with the largest telecommunications customers in Vietnam.

 

Iveda Vietnam will make working capital available for deposits or payments required by our hardware contract manufacturers to facilitate purchasing by telecom customers on terms acceptable in Vietnam. Upon receipt of the $1,000,000 prepaid license fee, we will grant each of the three principals of Iveda Vietnam a five-year warrant to purchase 100,000 shares of our common stock at $1.00 per share.