Annual report pursuant to Section 13 and 15(d)

Note 10 - Settlement of Accounts Payable

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Note 10 - Settlement of Accounts Payable
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Settlement of Accounts Payable Disclosure [Text Block]
Note
10
– Settlement of Accounts Payable
 
 
Digital Communication Agreement
 
The Company entered into a
one
-year Digital Communication Agreement (“the Agreement”) with MDM Worldwide Solutions, Inc. (“MDM”)
October 1, 2013
with automatic renewal for an additional
twelve
months unless either party notifies the other party in writing of its intention
not
to renew the Agreement at least
sixty
days prior to the requested date of termination. The agreement was canceled
September 1, 2014.
leaving a balance of
$45,000
in accounts payable. The remaining balance in accounts payable was written off in
2018
and accordingly, the Company recognized a gain of
$45,000
for the settlement of accounts payable in the year ending
December 31, 2018.
 
North Dakota State University Exclusive License Agreement
 
Under the terms of the NDSU/RF Agreement signed on
June 16, 2016
with NDSU/RF, the Company was delinquent on payments of
$139,789
and unable to meet certain milestones. A dispute arose between the Company and NDSU/RF regarding compensation and deliverables. The NDSU/RF Agreement was renegotiated with NDSU/RF and on
June 29, 2018,
the Company entered into a settlement agreement and general release (the “Settlement Agreement”) with NDSU/RF to resolve the dispute, pursuant to which the Company and NDSU/RF fully and forever released each other from the NDSU/RF Agreement and mutually released each other of all claims. Accordingly, the Company recognized a gain of
$139,789
for the settlement of accounts payable in the year ending
December 31, 2018.