This was reported as a subsequent event on Integral's latest filing (September 30, 2017) filed October 30, 2018.
On February 20, 2018, the Company entered into an exclusive technology license agreement with an arms-length vendor. In exchange for perpetual access to the Company’s technological assets, the Company will receive and/or be entitled to receive:
(i)
Upfront fee of $1,000,0000 (received) within 10 business days of the agreement;
(ii)
Royalties as follows:
(a)
10% of net sales effective years one to three;
(b)
7.5% of net sales effective years 4 – 7; and
(c)
5% of net sales effective years 8 – 10.
How do you interpret this disclosure? I am wondering about the exclusive and perpetual wording.
