BION has to provide the technology as collateral for the loan, the court didn't order the technology ownership to change from BION to Anon.
I'm not happy about the ruling but lets look at the facts:
**Anon sued claiming we owed them per the contractual terms totaling $1,188,112 plus interest from April 15, 2015 to today which is about an additional $150,000. Total in play is almost $1.4M
**We sued claiming 40% interest rate was not fair even though we signed the contract
**Best case if we won - BION is required to pay back $845,000 principle plus a more reasonable interest rate, lets say a rate even as high 20%. That totals best case if had won a balance of about $1.1M
Folks we were hoping with a win in court to pay Anon something on the order of $1.1M, we lost and now the court says we owe perhaps $1.4M. Does that mean we fold the tent and give up the IP because of a $300,000 delta? In my opinion I don't think so, we fought the good fight attempting to lower the interest rate and therefore the companies total liability for the loan. We lost and have to provide Anan the IP as collateral until we pay. Anon doesn't get to unilaterally take the IP, they could over time if we default long enough but they cant do that today the day after a court ruling. I suspect we did our best to reduce the cost with guarded optimism but the company has always had a more realistic expectation of paying the extra $300k.
In summary I still just don't get why this miscellaneous small crap is keeping BION from moving forward, I mean seriously we have nearly $2B of state back bonds allocated and we are Fing around quibbling over plus or minus $300k interest on a loan. Really? My hope is that there is a backer and this is just another box being checked along with the audit and uplisting, once all boxes are checked and there is absolute commercial clarity the backer will move forward with capital infusion... One can only pray at this point.
