QS Energy Inc (QSEP)

[mr_sano]

Here is the disclosure and original license. The recent Qsep 8K is speaking to this Article 5.3. Which states:

https://www.sec.gov/Archives/edgar/data/1103795/000101968711002538/stwa_10q-ex1094.htm

5.3. In further consideration of the license granted to LICENSEE in this Agreement, LICENSEE shall pay to TEMPLE, on or before first anniversary of the EFFECTIVE DATE and annually thereafter, a non-refundable license maintenance fee, regardless of or irrespective of actual NET SALES, which license maintenance fee payment shall be credited against payments due to TEMPLE under Article 5.1 during the same calendar year, with no carry-over of unused credit to subsequent calendar years. The amount of each license maintenance fee payment shall be one hundred twenty-five thousand dollars ($125,000). TEMPLE shall defer thirty-seven thousand five hundred thousand dollars ($37,500) of a license maintenance fee payment, thereby reducing such payment to eighty-seven thousand five hundred dollars ($87,500), if and only if LICENSEE funds, at a minimum, two hundred fifty thousand dollars ($250,000) in research or development of PATENT RIGHTS at TEMPLE during the 12-month period preceding the license maintenance fee payment. This deferment shall expire upon the date of LICENSEE's receipt of NET SALES equal to or exceeding five hundred thousand dollars ($500,000), and the total amount deferred shall be due within thirty (30) days of such NET SALES.