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I would call that a "Big Fat Lie" news release since Otiko doesn't own the Viabecline product or transdermal technology. The word "its" needs to be removed from all of his messages.
Below are relevant excerpts from the January 2017 Addendum to Otiko's NON-EXCLUSIVE license agreement with Howard Phillips.
Fluff News? This is not Fluff News.
"ViaDerma, Inc. Announces its President, Dr. Christopher Otiko's Abstract was Well Received at the DFCON Conference as the Company Completes Final Testing for its FDA Registered Viabecline for Manufacturing in the Next Several Weeks
The Company is in the Final Phase of Testing its Proprietary Viabecline Formula for Manufacturing over the Next few Weeks and once Completed Will Start Manufacturing the Product for Distribution and Sales"
Keough is attempting to stop Otiko rather than compete with him. The Complaint is very insightful. Of course Otiko has a right to defend himself. With his history of fluff news, lies and misleading statements in his financials, self-enrichment through use of his own businesses as customers/suppliers, I believe he is SOL.
Also read the Exhibits included with the recent Annual Report with Disclosures (the second upload). Howard Phillips proves Otiko has been lying and misleading and asks him to correct these statements.
Below is the Relief being requested.
Kasten's recent merger with Dakota Life Sciences is at risk of dissolution as a result of Otiko's fraudulent use of the transdermal delivery technology owned by Keough's entity.
Below is the relevant excerpt from the Complaint in Keough v. Otiko et al.
IV. A. is the specific text.
company probably a shell they hardly ever trade i ask neptune about that they probably broke thats why they suing the good ole doc
The more accurate article is linked below. Keough worked with the Secret Service on this investigation. He was the whistleblower and was immediately canned by Steve Renner very soon after he accepted the role of CEO. He stepped into a snake pit.
SECRET SERVICE: INetGlobal Forced Members To Keep Money In The Company With ‘Automatic Repurchasing’ Scheme; Undercover Agent Sent Email To Support, Which Verified Repurchase Was Mandatory
patrickpretty.com/2010/03/26/inetglobal-accuses-former-ceo-of-extortion-bid-says-company-is-solvent-accuses-government-of-leaking-search-warrant-affidavit-to-press/
Read this article regarding Keough, he is not a threat.
Mr. Keough is a graduate of Boston College Law School (J.D.), the Catholic University of America in Washington, D.C. (M.A. in Congressional Studies), and the United States Naval Academy at Annapolis (B.S.). His technology area of physics and his background as a submarine officer enable him to navigate comfortably in most technology fields, including medical devices and related sciences, manufacturing, optics, computer science, chemical coatings, formulations, and numerous others.
In the late 1980s, Mr. Keough was responsible for the patent accounts of numerous Asia-based manufacturing giants. He then went on to become widely known in the 1990s as an international expert on the phenomenon known as patent flooding. Mr. Keough played a pivotal role in the corporate-legal relationship of the mid-2000s which led to the largest medical device product release in history. This involved the first drug eluting cardiac stent to reach the United States market. From 2004-2008, Mr. Keough was Chief Patent Counsel at a public company, and contributed to the rapid rise of that company's market valution during his tenure.
With decades of experience in private practice and corporate settings, Mr. Keough has great insight into product life cycles and strategies of protection. He received a certificate in Finance for Non-Financial Executives from the Graduate School of the University of Chicago, and is quite aware of the financial pressures on corporate budgets. This awareness is at the heart of his founding of Law Offices National, P.A., to provide highly focused and efficient service in the patent arena- which has been a very costly area of patent expense to most businesses.
As a naval officer, Mr. Keough specialized in missile technology. He also commanded numerous U. S. naval forces in virtually all of the geographic regions of the world- retiring in 2004 at the naval rank of Captain. Mr. Keough also served as a Congressionally appointed civilian panel member charged with overseeing the conduct of the U.S. Department of Defense Threat Reduction Agency in the late 1990s and early 2000s. His area of responsibility related specifically to mitigating threats against the country from nuclear devices.
http://www.lawoffnat.com/home/about-us/founder-steve-keough
Note: Keough is accusing Otiko of patent flooding with those new Provisional Applications.
If you click on the icon by file name, the option to purchase that file alone is available for $5.50. I will take screen shots of pages with the most valuable insights and post them soon.
I'm really looking forward to reading Otiko's Answer to this Complaint.
The subscription is nearly 50$ a month for entry. Is this an Ad for Pacer or an affiliate?
I would like to hear about whats on it, without be required to pay 55$.
Anyone with a subscription to Pacer can view the files. I purchased the Complaint for $5.50. It's 30 pages and in PDF format.
This is not a battle between an "angry old man" and a innocent victim.
Be aware that an injunction can be issued to stop illegal sales.
I have no reason to ask for info I discovered in February. The information below is also available in the iBox.
Along with Steven J. Keough, Dr. Phillips is a named inventor of the patent-pending "Topical Drug Delivery System with Dual Carriers" on which Viabecline is based.
This invention is Published under two US Patent Application Numbers: US 20130190274 A1 and US 20120070390 A1 and through the WIPO. The Applicant was Pharmacline.
Dr. Phillips has retained a small-batch license (<20,000 Units) for Diabecline. Thru Pharma LLC owns the Diabecline Trademark.
https://www.google.com/patents/US20120070390
I am ask you the same question that you ask us TIMES AND TIMES AGAIN : what is the PTO assigned number for this ???
It always seemed too good to be true. There were too many holes and inconsistencies in filings and news releases.
I'm sticking around to watch the implosion.
LOL on the short accusations. Never have and never will short a stock.
Double LOL on the comparisons to OWC Pharma.
Yikes.. it's too bad VDRM and Otiko are turning out to be a total dud.. perhaps even criminal. What a shame. After weeks of sideline watching, I was really hoping for some clarity on the patents and Otiko's business model that would encourage an investment. Unfortunately, the "clarity" is justifying just the opposite.
Thanks for presenting the info and findings. This is looking like an absolute POS and I couldn't be happier that I never bit the hook.
Plaintiff requests an ultimate ruling that dissolves Defendants'fraudulent companies ViaDerma and Biogenx and which prevents Defendants from starting any new company with similar technology directly or indirectly through others. Plaintiff requests all costs incurred in this action be paid by Defendants
thanks BRADEN anything I can do to help all see the light of green here
45. If the TetraStem product was sold directly to physicians (as stated in EXH17) by Otiko's ViaDerma company along with the stem cell growth-promoting claims or suggestions as described and promoted by Phillips and Otiko, then those sales were highly illegal under the Food, Drug and Cosmetics Act that is enforced by the FDA and other agencies. Upon information and belief, this is what was done by Otiko and Phillips. Further evidence indicates that this illegal operation is now expanded with the involvement of other Defendants Adams, Biogenx and Neurogenx involving the sale of ViaDerma's/Biogenx's VitaStem branded product, as further described below.
Read my stickie for more info and the link to Keough v. Otiko etc al
Keough paid Phillips $300,000.00 for full ownership rights to the transdermal technology patent. The rights were assigned to OPD Holdings through this contract.
Otiko was a consultant to Dakota Life Sciences. In 2014, Phillips illegally gave Otiko rights to the technology. This is the year Otiko formed ViaDerma.
Keough learned of Otiko's fraudulent use of his IP on March 23, 2017. He filed because large institutional investors have shied away from investing in his business as a result of Otiko's illegal use. Even worse, the merger with Kasten is being threatened. This was the main reason for the lawsuit.
Keough is claiming $20 Million in lost business and is suing Otiko for this amount. Below are other claims from the Complaint in Keough v. Otiko et al.
https://www.pacermonitor.com/case/21120838/Keough_v_Otiko_et_al
Illicit products are about to be introduced into the market by Otiko.
The SEC, FDA and OTC Markets have been informed of this lawsuit.
Otiko falsely represented ViaDerma as an OTCQB business in numerous news releases.
Otiko has never personally supervised a real human clinical trial.
To be clear, neither Otiko or ViaDerma have ever received awards.
Keough references Otiko's false messages to shareholders that were placed here for review.
Otiko was interviewed by Keough in 2011 prior to the filing of the patent-pending transdermal technology invention. Neither Phillips or Otiko ever presented evidence of inventive contribution by Otiko.
The above comments are excerpts from the Complaint in Keough v. Otiko et al. Anyone can buy it for $5.50 from Pacer.
I fully expect a trade halt and criminal charges against Otiko.
This is the ugliest stock I have ever seen on the OTC.
THIS IS MY FINAL POST TODAY. THERE IS NOTHING MORE TO SAY AT THIS TIME OTHER THAN GTFO!
Yeah that's great news this stock is gonna rock go vdrm approval around the corner
Of course I'm serious. The Annual Report with Disclosures contains very important information. In January 2017, Otiko signed an Addendum to his non-exclusive patent license agreement with Howard Phillips that promises he wouldn't lie.
In the news release, Otiko states:
The Company is in the final testing phase before manufacturing its Patent Pending (provisional patent number 62433964) topical antibiotic product, Viabecline.
Are you serious? How about Viabecline in final testing phase for manufacturing. They're just about ready to role. This is huge news!
I honestly don't know the answer to that question and have no interest in Kasten. I research them because they have the potential to prevent ViaDerma from using the patent-pending technology. There is a reason the Annual Report contains notice of the lawsuit and reference to a claim that Otiko didn't assign technology to Dakota.
Kasten is in transition at this time. Keough may need to resolve his ongoing problems with Otiko before they can go full speed ahead. I give him credit if that is the case.
what happen to kast not even trading sometimes for days with no trading
A temporary injunction can stop this bullshit. How about the fact he informed shareholders he was selling 10K units of Viabecline in Q2? Why is it now in a "final testing phase" when Diabecline was on the market five years ago. What is there to test?
Are you serious? How about Viabecline in final testing phase for manufacturing. They're just about ready to role. This is huge news!
Otiko is lying in that repetitive news release designed to increase share price and pay his upcoming legal fees. He is also contradicting himself.
On one hand, he's no longer using the Phillips/Keough patent-pending transdermal technology on which Viabecline is based. Reference the Annual Reports. Now he announces he is using it in a news release and not disclosing he sells Viabecline through a non-exclusive patent license agreement that can be terminated.
There is no new "news" in that release. Otiko previously announced the Viabecline rollout, DFCon and premature ejaculation drugs in earlier 2017 releases.
This fluff news does create an opportunity to escape.
Otiko wasn't afraid of Josten Theney either. That didn't stop him from creating a false copyright document so he could sell Theney's horror movie Axeman II - A Night to Dismember on the web.
Otiko is the Executive Producer mentioned in Item 3. in the linked interview.
The executive producer then brought in an attorney who informed me that he intended to file his own copyright – a fraudulent copyright – to make his agreement with the sales agent valid. I put an end to all the nonsense with a cease and desist letter and the film has just sat. I’ve tried a ridiculous amount of times to bring everyone back to the table and find an amicable solution, but unless it involves me bending over, it just can’t be resolved. And I don’t bend over for nobody. The executive producer lost his money.
Nobody is going to slow this Dr. down. I don't know what it is, but he certainly isn't afraid of Keogh and his lawsuit. He surely has something up his sleeve that's letting him move forward.
Are you aware that Keough is now the President and Chief Operating Officer of Kasten BioPharma OTC:PK KAST? They merged with Keough's business Dakota Life Sciences. Dakota has a strong R&D pipeline of competitive products. They will never work with Otiko because they have their own IP to protect.
http://dakotalifesci.com
There will be no windfall. Otiko has no money to build this business or to defend himself. That's why he built this self-enrichment scheme. He has a personal life and oversized ego to support. His hands are financially in every announced business "partner." Did you notice the agreement with BIOGENX only gives 5% to ViaDerma (after costs of goods sold)? Tax fraud Garrett Adams registered BIOGENX to himself. Otiko and Adams own the BIOGENX Trademark. Did Otiko reveal his personal cut of this pie in his Disclosure Statement? Nope.
All shareholder money has been, and will continue to be, used to pay himself, keep his Coast to Coast Podiatry business above water, debts incurred trying to build this scam business, patent fees to Phillips for his NON-EXCLUSIVE right to use the patent-pending transdermal technology, and now for very expensive litigation.
Keough knows he is broke. He needed evidence to justify filing this lawsuit. All the evidence he needs is now available through OTC Markets.
Here is the "Going Concern" excerpt from yesterday's Annual Report.
As of December 31, 2016, the Company was in default on the repayment of certain convertible notes and promissory notes with an aggregate principal amount of $274,917, which are immediately due and payable. The continuation of the Company as a going concern through December 31, 2017 is dependent upon the continuing financial support from its stockholders or negotiation of repayment term. Management believes the existing shareholders will provide the additional cash to meet the Company’s obligations as they become due.
Again, I totally disagree. Keogh had to file this lawsuit to get Phillips and Otiko's attention. They certainly wouldn't consider any kind of partnership (or settlement) with him for no reason. He had to sue them to hope they come to the table with him. It's so obvious it's ridiculous.
If Keogh had a legitimate case, he would have sued these parties months ago. No right before they're about to reap a windfall.
This isn't a patent case. It's a contract case. Here is the link that supports it is valid, not junk, and related to the contract law.
https://www.pacermonitor.com/case/21120838/Keough_v_Otiko_et_al
Keough is a subject matter expert on patent law including contracts and assignments. He wouldn't file this suit if he didn't have standing.
Regarding expiration, there are two Application Numbers for the same patent-pending invention. The top image below shows the one Keough uses. It shows an Information Disclosure Sheet was submitted. The green highlighted entry is the one IG presented for review. No relevance to this message.
My stickie is about a call to the USPTO regarding status. I called the day after this case was filed, without knowing it was filed. The examiner was unable to talk to me about these details.
As for what Otiko and Adams are capable of doing, the word is deceit. Public records show their history. The unbelievable inconsistencies, lies, and manipulation displayed by Otiko in his filings and news releases will be his undoing.
Correct, a full case does not need to be heard. However, if you think a junk case like this is going to get a quick entrance in front of a judge, then you don't have a clue how patent cases work. I admire much of your DD, but I've had too much experience with patent cases to allow you to contend there's a possibility of an injunction here. No chance.
Plus, what's your take on the claim that Keogh's patent claim has expired? I don't fully understand that statement unless it was just patent pending, because I know an approved patent wouldn't have expired this quick. If it was just patent pending, the Otiko knows he has the upper hand.
I will make my be that Otiko can't be that openly blatant to do all the stuff you're accusing him off. Impossible. I think this guy knows what he's doing.
Read all of the Exhibit Names in the link below.
https://www.pacermonitor.com/case/21120838/Keough_v_Otiko_et_al
I have NEVER said Keough invented it. He is a named inventor on both Patent-Pending Applications. The two numbers are linked in the iBox.
The USPTO decides who is named, not me.
There are 10 Defendants in Keough v. Otiko et al.
https://www.pacermonitor.com/case/21120838/Keough_v_Otiko_et_al
And what you just posted is why keough is trying to sue Phillips. Howard Phillips claims he invented it all by himself. Why do you say keough did also?
100% Wrong. The full case doesn't have to be heard for a Temporary Injunction to be issued. A singular Injunction could be issued to stop Tax Fraud Garrett Adams from marketing products based on IP for which Keough has contractual rights.
Here is a helpful analogy:
Suppose you own a home surrounded by 100-year-old trees and your neighbor claims the trees are on his property and is planning on cutting them down. While the dispute is pending, the court will likely issue an injunction preventing your neighbor from cutting down the trees until the matter is heard and completely resolved. The injunction would be appropriate because money damages cannot replace 100-year-old trees. Essentially, you must show that an irreparable harm will occur if the injunction is not granted.
No judge will entertain this case in a short period of time.
Mr. Keough is a graduate of Boston College Law School (J.D.), the Catholic University of America in Washington, D.C. (M.A. in Congressional Studies), and the United States Naval Academy at Annapolis (B.S.). His technology area of physics and his background as a submarine officer enable him to navigate comfortably in most technology fields, including medical devices and related sciences, manufacturing, optics, computer science, chemical coatings, formulations, and numerous others.
In the late 1980s, Mr. Keough was responsible for the patent accounts of numerous Asia-based manufacturing giants. He then went on to become widely known in the 1990s as an international expert on the phenomenon known as patent flooding. Mr. Keough played a pivotal role in the corporate-legal relationship of the mid-2000s which led to the largest medical device product release in history. This involved the first drug eluting cardiac stent to reach the United States market. From 2004-2008, Mr. Keough was Chief Patent Counsel at a public company, and contributed to the rapid rise of that company's market valution during his tenure.
With decades of experience in private practice and corporate settings, Mr. Keough has great insight into product life cycles and strategies of protection. He received a certificate in Finance for Non-Financial Executives from the Graduate School of the University of Chicago, and is quite aware of the financial pressures on corporate budgets. This awareness is at the heart of his founding of Law Offices National, P.A., to provide highly focused and efficient service in the patent arena- which has been a very costly area of patent expense to most businesses.
As a naval officer, Mr. Keough specialized in missile technology. He also commanded numerous U. S. naval forces in virtually all of the geographic regions of the world- retiring in 2004 at the naval rank of Captain. Mr. Keough also served as a Congressionally appointed civilian panel member charged with overseeing the conduct of the U.S. Department of Defense Threat Reduction Agency in the late 1990s and early 2000s. His area of responsibility related specifically to mitigating threats against the country from nuclear devices.
http://www.lawoffnat.com/home/about-us/founder-steve-keough
Seems like a ambulance chaser.
Restraining Orders/Injunctions can be issued at any time upon review of the facts. No waiting required. It will be very easy for the judge to see Otiko's numerous lies and misrepresentations based on the Exhibits presented. The Annual Report Disclosures issued yesterday contain proof of Otiko's misrepresentations.
Any judge would be remiss if they allow these guys to continue to blatantly disregard Keough's rights and deceive and mislead shareholders.
The DOJ announcements regarding Garrett Adams multi-million dollar tax fraud are in the Exhibit list.
An injunction is an order issued by a court that forces the defendant––a person, corporation or government entity––to do something or stop doing something, depending on what the plaintiff is requesting.
No judge will grant in injunction without a lengthy hearing and they won't get into a courtroom for at least a year or more. So, forget about in injunction.
Disagree on all statements. The Keough case is against every person involved in Otiko's manipulation of circumstance and facts for personal gain. This is contract law vs patent law with an injunction to prevent Otiko and Adams from benefitting from the Keough/Phillips patent. The injunction can happen at any time.
Read the Disclosure Statement and Exhibits filed after the Annual Report with Footnotes.
Phillips proves Otiko was lying in prior filings and requires Otiko to stop misrepresenting himself as the developer.
There is no mention of where Otiko did any research at any time. There is no name for the manufacturing facility in Southeast U.S. yet he names Phillips facility.
Otiko is now saying he's not using the the Phillips/Keough patented process. Then why did he sign an Addendum in January?
I think Phillips is having problems with Otiko. Otiko needs to stop lying to shareholders.
I would not be surprised to see a trading halt here in light of his lies, manipulation, bullshit news releases, and self-enrichment. Otiko needs to reveal his ownership in Biogenx.
Lots of clues are in yesterday's filings.
I think this filing is squarely in VDRM's favor.
Note that this is the FIRST TIME Otiko revealed his ownership of their two customers in a financial report. He formed Coast to Coast in 2011. He formed Neurogenix September 2016 when he hired his tax-fraud friend Garrett Adams to run it.
Coast to Coast is privately held by Otiko and his wife Ekaterina who is on the VDRM Board of Directors along with his brother Manny--the dude that writes his fluff news releases.
I am certain the Coast to Coast and Neurogenix financials will be subpoenaed by Keough.
Otiko has never revealed Ekaterina as his wife in his Disclosure Statements--at the time he revealed Manny as his brother. She is listed as Director under her maiden name.
THIS IS MY LAST POST TODAY!
Then I don't see it as being masked and fraud. If the company is drafting income from it and clearly lists it, and the other company has income...
Do we have the reports from Coast to Coast? Would be nice to compare
The report clearly states the business model...for the first time. I have mentioned many times that Otiko operates these businesses. I provided a copy of his Coast to Coast registration. He operates Coast to Coast and ViaDerma from the same office on Reseda Avenue...that ugly building I posted many times.
As of December 31, 2016 and 2015, the Company had accounts receivable balances from related parties in amount of $371,565 and $169,980, respectively. The related party sales were to either Coast to Coast Podiatry Inc. or Neurogenx NerveCenter of Newport Beach, the second office of Coast to Coast Podiatry Inc. opened in September 2016 under a different DBA. Coast to Coast Podiatry Inc. is related by virtue of the majority interest being owned by Dr. Chris Otiko, the President of the Company. In additional to the benefit of the Company getting the sales associated with these transactions, the Company uses this platform to evaluate results and any quality control issues that could arise with the products since Dr. Otiko is able to monitor the businesses.
Link that the invoices or profit coming in is related to this alleged fraud, and I wont argue it. Would be the first to admit this looks bad
Otherwise I cant agree on you with this one - I see positive in the report.
If you show that this is the case, I would like to see evidence of it, otherwise we have assumption.
Keough filed the lawsuit March 30. It's linked below. How did Otiko not know until April 12?
Tax Fraud Garrett Adams is named. Maybe because his Biogenx Facebook page is promising products created using Keough's IP?
https://www.pacermonitor.com/case/21120838/Keough_v_Otiko_et_al
On or about April 12, 2017 the Company was made aware of a lawsuit filed against the Company and several other parties in U.S. District Court for the District of South Dakota by Steven Keough, an individual. As of the date of this filing, the lawsuit has not been properly served on the Company. The complaint alleges, among other things, that Mr. Keough had a licensing arrangement with Dr. Howard Phillips for some of the patents related to the first-generation transdermal delivery system that were developed by Dr. Phillips. The lawsuit also alleges that Dr. Phillips should not have been able to initially license the transdermal technology to the Company. The lawsuit further alleges that, through a separate consulting agreement Dr. Chris Otiko had with Thru Pharma, LLC, an entity related to Keough, that Dr. Chris Otiko should need to assign the rights of the transdermal patent to Mr. Keough. The lawsuit seeks monetary and injunctive relief.
Based on information and belief, both agreements were breached by Thru Pharma, LLC. The Company does not believe Mr. Keough has any right to the Company's patents or technology. Furthermore, the predecessor transdermal technology, which is the subject of dispute by Mr. Keough, is not even
currently used by the Company and any protections related to its provisional patents are believed to have expired. All new products being developed and sold by the Company are based on a newer transdermal technology created directly by the Company or its management team. The Company believes the lawsuit is without merit and has engaged legal counsel to vigorously defend it. The Company is also evaluating a counter-claim against Mr. Keogh.
Reference: 2016 Annual Report
http://www.otcmarkets.com/stock/VDRM/filings
Yep. Client Otiko aka Coast to Coast/Neurogenix owes ViaDerma aka Otiko ~$300k.
Otiko buys products from his ViaDerma business to sell/use in his Coast to Coast Podiatry Clinic and his Neurogenix Clinic.
No accounting lesson needed. It's all Otiko here. There are no third party customers. Otiko is Accounts Payable and Receivable.
His non-exclusive license to manufacture the products he sells to himself is now being challenged in Federal Court.
Accounts Receivable and Liabilities for those who have never studied business -
Receivables are what is coming in or owed by clients via invoice.
Liabilities are debts owed out.
The company increased its income about 210k.
It shrunk its liabilities(debt) almost ~50k.
This = good.
I will not charge you for a basic fundamental in business.
The concern with the lawsuit is indeed a concern but this company made more and owes less than the previous year.
There is no 10-K. ViaDerma has never registered shares with the SEC.
The Annual Report is available on www.otcmarkets.com.
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=169852
Could someone link the 10k here. I can't find it. Thanks
That accounts receivable figure of $371,565 is what Otiko owes VDRM. Where do you think he's getting the funds to pay his business obligations? From the welfare, medicaid clients that live by that hell hole of an office?
Shareholders?
Keep buying peeps! Now he needs money for legal defense.
at least accounts receivables are up if it was flat then i would be concern its almost double. so with these 500k units and this spray/cream am sure they will have a good year and i think we will get some pr tomm to help with this report. just my opinion
Definitely need to let this soak in. One of the main reasons I doubted him all along was his pattern of deception--personally and professionally.
I think he is ego driven, to a fault, along with cash strapped.
I'll read up on the report to confirm, but I was waiting for someone to fire a gun. I think our future VDRM discussions are now going to be centered around predicting the likelihood of a Dr. Otiko triumph in court, and unless there's been any recent developments in his favor, I don't recall reading anything indicating he had the upper hand..
Many did not know and have defended him while shooting the messenger. Otiko cannot prove anything. Keough is an expert in patent law. He wouldn't sue if he knew he didn't have solid ground.
Interestingly, and coincidentally, Kasten OTC:PK KAST, the entity that merged with ThruPharma this year, has gone Dark.
We knew from the beginning there was disagreement between them on who is entitled to use the patent. If Dr. Otiko can prove he helped or developed it, this is a win. If not, it is a loss..
More waiting
Here are some other important sections from the Annual Report. Nice to see more transparency...not that I needed it. Good to see he is coming clean.
As of December 31, 2016 and 2015, the Company had accounts receivable balances from related parties in amount of $371,565 and $169,980, respectively. The related party sales were to either Coast to Coast Podiatry Inc. or Neurogenx NerveCenter of Newport Beach, the second office of Coast to Coast Podiatry Inc. opened in September 2016 under a different DBA. Coast to Coast Podiatry Inc. is related by virtue of the majority interest being owned by Dr. Chris Otiko, the President of the Company. In additional to the benefit of the Company getting the sales associated with these transactions, the Company uses this platform to evaluate results and any quality control issues that could arise with the products since Dr. Otiko is able to monitor the businesses.
As of December 31, 2016, the Company was in default on the repayment of certain convertible notes and promissory notes with an aggregate principal amount of $274,917, which are immediately due and payable. The continuation of the Company as a going concern through December 31, 2017 is dependent upon the continuing financial support from its stockholders or negotiation of repayment term. Management believes the existing shareholders will provide the additional cash to meet the Company’s obligations as they become due.
On December 27, 2016, we were assigned exclusive use of a new provisional patent developed by a company controlled by our President, Dr. Chris Otiko in exchange for the cash payment of One Dollar ($1.00). The patent number and description are as follows:
PROVISIONAL PATENT NUMBER: 62433964
ENHANCED ANTIBIOTIC AND DRUG DELIVERY FOR AQUEOUS TOPICAL
APPLICATIONS FOR HUMAN AND VETERINARY USES
Steven J. Keough is suing ViaDerma. Anyone surprised? I don't need thank you's for my superb DD and sharing of same. Take it or leave it.