SVFC---//--here is another wrong doing by CEO
Revenue
Intellicell charges Regen Medical a processing fee of $2,500 for each tissue processing case that uses Intellicell’s proprietary process. For the nine months ended September 30, 2014, Intellicell completed 48 cases for a total revenue of $120,000. All cases were performed for Regen Medical patients.
Research and Development
Research and development costs to related parties for the nine months ended September 30, 2014 and 2013 were $353,500 and $287,000 respectively. These fees were accrued and paid to Regen Medical for services as the attending physician in thirty eight (38) and twenty three (23) patient cases respectively. These cases are included as part of the Company’s ongoing research of its technologies and processes.
As of September 30, 2014 and December 31, 2013, accrued research fees totaled $85,500 (and is included in Accounts Payable) and $361,000, respectively.
