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14. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

In accordance with applicable accounting standards for the disclosure of events that occur after the balance sheet date but before the financial statements are issued, all significant events or transactions that occurred after December 31, 2015 are outlined below:

 

On January 29, 2016,the Company issued 1,098,904 common shares in exchange for the conversion of 1,000 Series C preferred stock and dividends earned.

 

On February 9, 2016, the Company issued 2,142 shares of Series C preferred stock in exchange for cash amount of $150,000.

 

On March 30, 2016, the Company issued 2,143 shares of Series C preferred stock in exchange for cash amount of $150,000.

 

On April 6, 2016, the Company issued 2,143 shares of Series C preferred stock in exchange for cash amount of $150,000.

 

On March 21, 2016 the Company and Bioventurs LLC /BioStructures, LLC Amended the original Agreement dated November 8, 2011.  On November 24, 2015 Bioventus, LLC acquired BioStructures, LLC  and became a wholly owned subsidiary of Bioventus, LLC.  The original agreement executed a development and license agreement with BioStructures, LLC.  The agreement licensed certain bone wax rights to BioStructures, LLC to develop products in the field of bone remodeling, based on Resorbable’s patent number 7,074,425 (see Note 9 “Intangible Assets”) for use in the human skeletal system.  The license agreement with BioStructures, LLC excludes the fields of (1) a resorbable hemostat (resorbable bone wax), (2) a resorbable orthopedic hemostat (bone wax) and antimicrobial dressing, and (3) veterinary orthopedic applications.  The agreement entitles the Company to additional fees upon the regulatory clearance of the products, fees for a commercial license for each regulatory cleared product, and a guaranteed minimum royalty with a 1.5% royalty for years 2016 and 2017 and 2% royalty on related product sales over the life of the patent, which expires in 2023.