On March 28, 2016, the Company also obtained the exclusive right to certain patents for
use of a technology involving pyrolysis system. The Company obtained the licensing
agreement from a related party in exchange for the issuance of 20,625,000 shares of
common stock. The fair market value of the shares was $61,875. The cost of the license
to the related party was $10. Hence, the licensing agreement was recorded at the
historical cost to the related party of $10 and the excess value of shares of $61,865 was
recorded as a deemed dividend to the related party. Pursuant to the sub-license agreement, the Company obtained the sole and exclusive
right and license to purchase and operate processor s for vapor distillation of tires, rubber
and other organic material which are made by or for licensor and covered by one or
more of the licensed patents until the expiration of the last to expire of the licensed
patents or any reissues thereof unless sooner terminated in accordance with the
provisions of this agreement. In the event that the Company shall fail to put into
operation an installation with at least five licensed products during the first eighteen (18)
months of this agreement, or if construction has no t been substantially initiated at a site
for the installation of licensed products within one year following execution of this
Agreement, licensor shall have the right to terminate this agreement.
Licensor shall also have the right to terminate this Agreement if an ad
ditional installation of at least five licensed products is not placed in operation in eve
ry two year period following the first installation. The Company agrees to pay licensor a
royalty of twenty-five thousand dollars ($25,000) for each licensed products placed
in operation and a running use fee equal to 2.5% of the net collected revenues produce
d from all licensed products placed in operation of every installation by the Company.
~Anything I Post Is My Opinion Or Speculation And May Or May Not Be Based In Fact~
