Tauriga Sciences Inc (fka TAUG)

[loanranger]

From the latest 10-Q:
"On January 28, 2014, the Company acquired patents from Pilus. As a condition of the acquisition, Pilus will get one seat on the board of directors, and the shareholders of Pilus received a warrant to purchase 100,000,000 shares of common stock of the Company, which represented a fair market value of approximately $2,000,000. In addition, the Company paid Bacterial Robotics, LLC (“BRLLC”), formerly the parent company of Pilus, $50,000 on signing the memorandum of understanding and $50,000 at the time of closing. The only asset Pilus had on its balance sheet at the time of the acquisition was a patent. The Company determined that the value of the acquisition on January 28, 2014 would be equal to the value of cash paid to Pilus plus the value of the 100,000,000 warrants they issued to acquire Pilus. Through March 31, 2014, the Company amortized the patent over its estimated useful life, then on March 31, 2014, the Company conducted its annual impairment test and determined that the entire unamortized balance should be impaired as the necessary funding to further develop the patent was not available at that time."

(So they acquired a patent on January 28, 2014 and declared it worthless two months later.)

The same paragraph goes on to say...
"On July 15, 2016, the Company was notified by its patent attorney, that the maintenance fee is due in the issue of US Patent # 8,354,267. The final deadline to pay the fee to avoid abandonment is January 15, 2017. If the Company does not make this payment it will lose the patent permanently."

(Sounds ominous, doesn't it? But they wrote it off as worthless two years before, so who cares?)


I looked at the USPTO.gov website to see, just in case the patent that they paid for and then immediately wrote off might have any real use to it, what the fee that they have avoided paying might be. Turns out the fee was initially due on 1/15/16 and.....well, see for yourself:

https://fees.uspto.gov/MaintenanceFees/fees/details?applicationNumber=12660200&patentNumber=8354267

Can somebody lend or give these folks another $880? Or ask them why they haven't paid this already? Did they really issue 100,000,000 warrants ("fair market value of approximately $2,000,000") and $100K in cash for something that isn't worth less than a thousand bucks to rescue?
Did they leave out the fee amount of their impending doom statement ("If the Company does not make this payment it will lose the patent permanently") because of embarrassment about their inability to cover the fee or embarrassment about the whole subject? Can't they find some other dummies to fork over some cash for it or is it really THAT worthless.

This belongs on somebody's list of accomplishments, for sure.