Everytime SEC filing 10Q/10K hit the bad financial cause stock down for 3 years and the company decided to stop SEC filing and embarrament financal. Accumulated deficit December 31, 2011_______(24,544,723) December 31, 2012_______(24,315,589) December 31, 2013_______(24,697,483) March 31, 2014_________(24,659,863) June 30, 2014__________(25,105,863) September 30, 2014______(25,514,231) December 31, 2014_______(28,013,077) March 31, 2015_________(29,486,399) June 30, 2015__________(29,403,527) September 30, 2015______(32,039,372) Net loss December 31, 2012______(576,470) December 31, 2013______(381,894) June 30, 2014__________(408,380) September 30, 2014______(816,748) December 31, 2014______(3,315,594) March 31, 2015________(1,473,322) June 30, 2015_________(1,390,450) September 30, 2015_____(4,026,297) NOTE 10 – ROYALTY OBLIGATIONS
The Parkinson’s Institute – ARRAYIT SCIENTIFIC SOLUTIONS, INC. Pursuant to an agreement dated February 9, 2009 between the Company, and The Parkinson's Institute, a California Corporation, Arrayit Scientific Solutions, Inc. is obligated to make payments, of 5% of gross earnings generated from Research derived from the biological specimens from Parkinson's disease patients and control patients provided by the Parkinson's Institute. There were no revenues generated during the fiscal years ended December 31 2013 and 2012, hence no obligation to pay any royalties to the Parkinson’s Institute.
https://www.sec.gov/Archives/edgar/data/1084507/000135448814001898/aryc_10k.htm ITEM 1. LEGAL PROCEEDINGS On March 13, 2013, Plaintiffs Recap Marketing and Consulting LLP sued Defendants Arrayit Corporation in Fort Bend County Texas Case No. 13-DCV-204747 for breach of contract with regard to warrants to purchase common stock. Recap seeks damages or specific performance, exemplary damages, costs of court and reasonable attorney’s fees. On April 16, 2013, the Company’s counsel submitted an unopposed motion to transfer venue to Harris County Texas and, subject to the motion to transfer venue, original answer denying the allegations and offered the affirmative defences of failure of condition precedent and expiration of contract, estoppel, failure of consideration and waiver, and in the alternative that the number of shares is incorrect. The parties attended a voluntary mediation conference on September 18, 2013, but were unable to reach a settlement agreement. The case is currently scheduled for trial in July of 2014. Sanders Ortoli Vaughn-Flam Rosenstadt LLP vs Arrayit Corporation, Case # 653313/13. A law firm sued Arrayit for breach of contract regarding payment for services rendered. The parties reached a settlement on February 26, 2014.
https://www.sec.gov/Archives/edgar/data/1084507/000135448814002533/aryc_10q.htm NOTE 10 – ROYALTY OBLIGATIONS The Parkinson’s Institute – ARRAYIT SCIENTIFIC SOLUTIONS, INC. Pursuant to an agreement dated February 9, 2009 between the Company, and The Parkinson's Institute, a California Corporation, Arrayit Scientific Solutions, Inc. is obligated to make payments, of 5% of gross earnings generated from Research derived from the biological specimens from Parkinson's disease patients and control patients provided by the Parkinson's Institute. There were no revenues generated during the fiscal period ended June 30, 2014 and hence no obligation to pay any royalties to the Parkinson’s Institute.
ITEM 1. LEGAL PROCEEDINGS On March 13, 2013, Plaintiffs Recap Marketing and Consulting LLP sued Defendants Arrayit Corporation in Fort Bend County Texas Case No. 13-DCV-204747 for breach of contract with regard to warrants to purchase common stock. Recap seeks damages or specific performance, exemplary damages, costs of court and reasonable attorney’s fees. On April 16, 2013, the Company’s counsel submitted an unopposed motion to transfer venue to Harris County Texas and, subject to the motion to transfer venue, original answer denying the allegations and offered the affirmative defences of failure of condition precedent and expiration of contract, estoppel, failure of consideration and waiver, and in the alternative that the number of shares is incorrect. The parties attended a voluntary mediation conference on September 18, 2013, but were unable to reach a settlement agreement. The case is currently scheduled for trial on January 5, 2015. Sanders Ortoli Vaughn-Flam Rosenstadt LLP vs Arrayit Corporation, Case # 653313/13. A law firm sued Arrayit for breach of contract regarding payment for services rendered. The parties reached a settlement on February 26, 2014. On January 13, 2014, Plaintiff Tamarin Lindenberg sued Arrayit Corporation, Arrayit Diagnostics, Inc., Avant Diagnostics, Inc, John Howell, Steven Scott and Gregg Linn in Civil Action No. L7698-13. Plaintiff alleged violations of the New Jersey Conscientious Employee Protection Act NJSA 34:19-1 to NJSA 34:19-8 (“CEPA”), breach of contract, breach of covenant of good faith and fair dealing, economic duress and intentional infliction of emotional distress. On August 6, 2014 the United States District Court, District of New Jersey granted Arrayit Corporation’s motion to dismiss and further ruled that leave to amend would not be granted. On March 31, 2014, Avant Diagnostics, Inc. sued Arrayit Corporation and Crucible Capital Group, Inc. in The Superior Court of the State of Arizona in and for the County of Maricopa, Case No. CV2014-092882. Avant alleged breach of contract, fraud, negligent misrepresentation, tortious interference with business expectancy, breach of duty of good faith and fair dealing, declaratory judgment, conversion, unjust enrichment, promissory estoppel. Arrayit Corporation denied all allegations. The parties reached an agreement to settle the litigation on August 8, 2014. On August 11, 2014, Plaintiff Reuben Taub sued Defendants Rene Schena, Mark Schena, Todd Martinsky and John Does 1-10 in the Supreme Court of the State of New York, County of New York, Index No. 652454/2014. The nature of the action is loss of plaintiffs investment in Arrayit Corporation which was induced by, inter alia, defendants fraud and failure to properly disclose withholding and other tax liabilities of the Company and misrepresentations concerning the development costs for, and the Companys ownership interest in OvaDx. Relief sought is monetary damages of $500,000 plus interest costs and disbursements and attorneys fees as permitted by law. Rene Schena, Mark Schena and Todd Martinsky deny all of the allegations. The parties are working toward settlement.
https://www.sec.gov/Archives/edgar/data/1084507/000135448814004332/aryc_10q.htm NOTE 10 – ROYALTY OBLIGATIONS The Parkinson’s Institute – ARRAYIT SCIENTIFIC SOLUTIONS, INC. Pursuant to an agreement dated February 9, 2009 between the Company, and The Parkinson's Institute, a California Corporation, Arrayit Scientific Solutions, Inc. is obligated to make payments, of 5% of gross earnings generated from Research derived from the biological specimens from Parkinson's disease patients and control patients provided by the Parkinson's Institute. There were no revenues generated during the fiscal period ended March 31, 2015 and hence no obligation to pay any royalties to the Parkinson’s Institute.
ITEM 1. LEGAL PROCEEDINGS On March 13, 2013, Plaintiffs Recap Marketing and Consulting LLP sued Defendants Arrayit Corporation in Fort Bend County Texas Case No. 13-DCV-204747 for breach of contract with regard to warrants to purchase common stock. Recap sought damages or specific performance, exemplary damages, costs of court and reasonable attorney’s fees. On April 16, 2013, the Company’s counsel submitted an unopposed motion to transfer venue to Harris County Texas and, subject to the motion to transfer venue, original answer denying the allegations and offered the affirmative defenses of failure of condition precedent and expiration of contract, estoppel, failure of consideration and waiver, and in the alternative that the number of shares is incorrect. The parties attended a voluntary mediation conference on September 18, 2013, but were unable to reach a settlement agreement. Trial was scheduled for May 18, 2015, and the parties reached a confidential settlement agreement on May 18, 2015. On March 31, 2015, Plaintiffs Reuben Taub, Irwin L Zalcberg and Irwin Zalcberg Profit Sharing Plan sued Defendants Arrayit Corporation, Rene Schena, Mark Schena and Todd Martinsky in the United States District Court Southern District of New York case number 15 Civ 01366 (ALC). This action was commenced in the Supreme Court of the State of New York, County of New York, and was removed by Defendants to this Court pursuant to 28 U.S.C. 1322(a) on the grounds that the matter in controversy exceeds the sum or value of $75,000, exclusive of interest and costs, and is between citizens of different states. Plaintiffs allege gross mismanagement, tax fraud and misfeasance in connection with the operation of Arrayit and breach of a Contribution Agreement. Plaintiffs seek monetary damages not less than $252,835,000, appointment of a receiver and/or granting a temporary, preliminary and/or permanent injunction enjoining and restraining Arrayit from issuing a ten million share dividend of Avant shares, pledging Avant shares as collateral and/or issuing common stock to any person exercising debentures rights issued in violation of the Contribution Agreement, punitive damages, costs and disbursements including reasonable attorney’s fees and for such other and further relief that the Court may seem just and proper. On April 23, 2015, Plaintiffs moved for a preliminary injunction against Defendants, restraining them from issuing shares of common stock pursuant to the provision of convertible promissory notes. For the reasons stated on the record at the hearing held on April 29, 2015, Plaintiffs' application was denied. A mediation between the parties is scheduled for May 26, 2015.
https://www.sec.gov/Archives/edgar/data/1084507/000135448815002620/aryc_10q.htm NOTE 10 – ROYALTY OBLIGATIONS The Parkinson’s Institute – ARRAYIT SCIENTIFIC SOLUTIONS, INC. Pursuant to an agreement dated February 9, 2009 between the Company, and The Parkinson's Institute, a California Corporation, Arrayit Scientific Solutions, Inc. is obligated to make payments, of 5% of gross earnings generated from Research derived from the biological specimens from Parkinson's disease patients and control patients provided by the Parkinson's Institute. There were no revenues generated during the fiscal period ended September 30, 2015 and hence no obligation to pay any royalties to the Parkinson’s Institute.
ITEM 1. LEGAL PROCEEDINGS On March 13, 2013, Plaintiffs Recap Marketing and Consulting LLP sued Defendants Arrayit Corporation in Fort Bend County Texas Case No. 13-DCV-204747 for breach of contract with regard to warrants to purchase common stock. Recap sought damages or specific performance, exemplary damages, costs of court and reasonable attorney’s fees. On April 16, 2013, the Company’s counsel submitted an unopposed motion to transfer venue to Harris County Texas and, subject to the motion to transfer venue, original answer denying the allegations and offered the affirmative defenses of failure of condition precedent and expiration of contract, estoppel, failure of consideration and waiver, and in the alternative that the number of shares is incorrect. The parties attended a voluntary mediation conference on September 18, 2013, but were unable to reach a settlement agreement. Trial was scheduled for May 18, 2015, and the parties reached a confidential settlement agreement on May 18, 2015. In conjunction with the settlement the Company issued 1,250,000 of its common shares to Recap. On March 31, 2015, Plaintiffs Reuben Taub, Irwin L Zalcberg and Irwin Zalcberg Profit Sharing Plan sued Defendants Arrayit Corporation, Rene Schena, Mark Schena and Todd Martinsky in the United States District Court Southern District of New York case number 15 Civ 01366 (ALC). This action was commenced in the Supreme Court of the State of New York, County of New York, and was removed by Defendants to this Court pursuant to 28 U.S.C. 1322(a) on the grounds that the matter in controversy exceeds the sum or value of $75,000, exclusive of interest and costs, and is between citizens of different states. Plaintiffs allege gross mismanagement, tax fraud and misfeasance in connection with the operation of Arrayit and breach of a Contribution Agreement. Plaintiffs seek monetary damages not less than $252,835,000, appointment of a receiver and/or granting a temporary, preliminary and/or permanent injunction enjoining and restraining Arrayit from issuing a ten million share dividend of Avant shares, pledging Avant shares as collateral and/or issuing common stock to any person exercising debentures rights issued in violation of the Contribution Agreement, punitive damages, costs and disbursements including reasonable attorney’s fees and for such other and further relief that the Court may seem just and proper. On April 23, 2015, Plaintiffs moved for a preliminary injunction against Defendants, restraining them from issuing shares of common stock pursuant to the provision of convertible promissory notes. For the reasons stated on the record at the hearing held on April 29, 2015, Plaintiffs' application was denied. A mediation between the parties occurred on May 26, 2015. The parties were unable to reach a settlement agreement. Arrayit Corporation, through its attorneys Higgins & Trippett LLC, submitted a Memorandum of Law in support of their motion, pursuant to Fed. R. Civ. P. 12(b)(6), for partial dismissal of the Amended Complaint dated June 29, 2015. Initial discovery notices have been rendered. Depositions are to be completed by November 20, 2015. A court teleconference is scheduled for December 1, 2015. A trial date has not been set. On October 22, 2015, Plaintiffs The Nemours Foundation on behalf of the Alfred I. Dupont Hospital for Children, in case number 1:15-CV-00956-RGA launched an action against Arrayit Corporation seeking damages and other relief based on its purchase of a tissue microarrayer instrument, in the amount of $94,925. On November 16, 2015 the parties reached a settlement in the amount of $21,000, of which $11,000 was paid on November 18, 2015 and the balance of $10,000 is due on December 1, 2015.
https://www.sec.gov/Archives/edgar/data/1084507/000135448815005240/aryc_10q.htm