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License Agreement Disclosure
12 Months Ended
Dec. 31, 2018
Notes  
License Agreement Disclosure

4. License Agreement

 

The agreement covering Licensed Patents and Technical Information entered into with TTH in December, 2017 provides for an initial license fee of $135,000, with certain subsequent royalty payments. Of this amount, $94,500 was paid out in December of 2017. The Company has the right to cancel the agreement upon 90 days’ notice.

 

The accompanying December 31, 2018 balance sheet presents the carrying value of the license fee at $94,500, net of $13,500 in accumulated amortization. The amortization over the next five years is estimated to be $13,500 annually.

 

The Company periodically performs an analysis of its contractual rights and arrangements and establishes asset value based on that analysis.