Effective October 7, 2006 the Company entered into an agreement to license a patent to license a patent for portable radiation detector from John Bordynuik. This agreement includes the license for US patent #7,115,872 Portable Radiation Detector and Method of Detecting Radiation. Consideration paid by the Company to John Bordynuik included a one-time $176,960. In addition, consideration of 6,000 shares of the Company common stock will also be paid to John Bordynuik and will be held in trust for John Bordynuik’s children.
JOHN BORDYNUIK, INC.
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2009
Technology Agreement
Effective February 7, 2007 the Company entered into an agreement with John Bordynuik to license the use of proprietary magnetic media tape drive technology. This agreement includes “know-how, technology, method and services related to John Bordynuick’s proprietary magnetic media tape drive technology. More specifically assigned technology transfer included: magnetic media bit-level detection, tape drive control and designs, Mr. Head technology, software and firmware required to cover data, and a draft patent application to be filed by the Company. Consideration paid to John Bordynuik included an issuance of 6,000 common shares of stock for a value of $43,065 and 6,000 shares to be held in trust for John Bordynuik’s children.
In addition to the consideration outlined above, in the event that the Company sells, or licenses any part of the know-how, technology, method, or services related to any part of the magnetic media bit-level detection, tape drive control and designs, Mr. Head technology, software and firmware required to recover data, or draft patent application consideration of 10% of any licensing fee and 15% of any research and development funding will be paid to John Bordynuik. The Company is also responsible for prosecuting infringements of and maintaining all assigned patents and will be responsible for the payment of all related fees to do so.
Patent Agreement
Effective October 7, 2006 the Company entered into an agreement to license a patent to license a patent for portable radiation detector from John Bordynuik. This agreement includes the license for US patent #7,115,872 Portable Radiation Detector and Method of Detecting Radiation. Consideration paid by the Company to John Bordynuik included a one-time $176,960. In addition, consideration of 6,000 shares of the Company common stock will also be paid to John Bordynuik and will be held in trust for John Bordynuik’s children.
In addition to the consideration outlined above, in the event the Company sells, or licenses any part of the license for US Patent # 7,115,872 Portable Radiation Detector and Method of Detecting Radiation consideration of 10% of any licensing fee and 15% of any research and development funding will be paid to John Bordynuik.
NOTE 7 PROFIT SHARING PLAN
On November 10, 2008, the Company approved a policy that 5% of all future profits will be paid out to employees in the form of a profit sharing plan.
NOTE 8 LEASE COMMITMENTS
On November 10, 2006, the Company entered into a 2 year lease agreement on a net basis for office and warehouse space renewable monthly afterwards. The lease calls for monthly payments of $2,223 from November 10, 2006 to February 28, 2007; $2,886 from March 1, 2007 to May 31, 2007; $3,085 from June 1, 2007 to August 31, 2007; $3,201 from September 1, 2007 to November 9, 2008. All monthly amounts do not include GST.
On November 10, 2007, the Company entered into a one-year lease for additional space on a net basis and will be renewable monthly after expiration. The lease calls for monthly payments of $3,496 including GST.
On August 25, 2008 additional space was leased for $75 per month including GST, for a three month period.
John Bordynuik/Inc · S-1 · On 4/6/09
secinfo.com |
