Star Jets International Inc (JETR)

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Quarterly Report

http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=147222

Highlights:

Large change in intellectual property assets.


In April 2015, Texas A&M University transferred to Raghbir Tahim its 50% ownership
interest in patent rights on technology the University co-developed with Mr. Tahim
through RST Scientific Research, Inc. Concurrent with the transfer of ownership
interests from Texas A&M Universty to Mr. Tahim, Raghbir Tahim declared a capital
contribution to the Company and transferred the ownership interests in the patent to the
Company.

FASB ASC Topic 350 requires acquired intangible assets to be recorded at their values.
Based on Management’s knowledge of the technology (specifically, the technology’s
compatibility with numerous product applications across numerous industries), the
Company has determined the patent to have an indefinite life and a fair value of
$5,000,000. The Company will test the patent rights for impairment if and when
circumstances indicate that the intangible asset’s carrying amount may not be
recoverable, but no less than annually.

No toxic financing here, Mr. Tahim and his Wife are the major source of capital here.