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Intangible Assets and Strategic Investment
12 Months Ended
Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets and Strategic Investment

NOTE 4— Intangible Assets and Strategic Investment

In December 2011, Taxus Cardium entered into a series of agreements with Source One Global Partners, LLC, (“SourceOne”) related to a Strategic Partnership Agreement between the companies. Under these agreements, we made an equity investment in the form of unregistered, restricted shares of our common stock to acquire an option to purchase to a 15% ownership interest in SourceOne Global Partners. The option was acquired through the issuance of 75,000 shares of the Company’s common stock which were recorded at a value of $5.80 per share based on the closing price of the Company’s stock on December 19, 2011, and is exercisable for an exercise fee of $10,000. The Company also has certain rights to maintain its proportionate ownership interest in SourceOne, and a right of first refusal to acquire SourceOne on the terms that SourceOne were to offer a third-party acquirer. During the year ended December 31, 2014, we believed there were certain impairment triggering events and circumstances that warranted an evaluation of its SourceOne agreement and as a result a non-cash impairment charge of $435,000 was recorded. The Company also acquired the option to license certain technology from SourceOne in consideration of an additional 75,000 shares of the Company’s common stock (License Equity Stock), which were to be held in escrow until the exercise of such a license. The Company did not exercise the option to license technology within four years and as a result, pursuant to the terms of the agreements, in December of 2015, the License Equity Stock was released from escrow with half of the shares (37,500 shares) released in the name of SourceOne, and half (37,500 shares) released in the name of the Company. The Company then canceled the 37,500 License Equity Stock shares released in its name.