For anyone stupid enough to think that they have a working product the below is all you need to prove that it doesn’t exist. As previously stated!
AGREEMENT ASSIGNED TO ALMONT ENERGY, INC.
In 2010, Almont Energy Inc. (“Almont”), a privately held, independent third-party entity based in Alberta, Canada became the assignee of a sublicense which covers the use of the CSRV ® system technology in the territory of Canada in the oil and gas industry (the “Canadian License”). This sublicense is currently inactive because the parties have not fulfilled their obligations thereunder due to the Company’s delay in starting up production and delivery of CSRV ® products to Almont. The parties mutually agreed to consider the basis on which the license could be reactivated at such time that the Company is successful in starting up its manufacturing operations.
In prior years, the Company received a non-refundable $300,000 deposit on the Canadian License. As the Company continues to be desirous of commencing shipments of its CSRV® products to Almont under the sublicense at such time that it is able to start up production operations, it has continued to amortize this deposit into income over the period until expiration of the last CSRV ® system technology patent in force. At September, 2017, amortization of the unamortized balance is as follows:
Year Ending Amount
2017 $ 5,000
2018 19,000
2019 19,000
2020 19,000
2021 19,000
Thereafter 94,000
$ 175,000
