Clarification on payment structure & agreement transaction status to-date...
*per pragmatic analysis from a respected source [TedJ]
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11/19/18
License and Development agreement between QMC and Amtronics CC.
THIS LICENSE AND DEVELOPMENT AGREEMENT (this “Agreement”) is made as of 19 November, 2018 (the “Effective Date”),
12/19/18
The Licensee shall pay the Licensor an upfront payment of $500,000.00 within [30] business days after the Effective Date… [License Agreement]
Payment was not made by 12/19/18.
1/19/19
The Licensee shall pay the Licensor … an additional $500,000.00 within 60 days after the effective date. [License Agreement]
Payment was not made by 1/19/19.
1/31/19
In terms of direct funding to QMC, on December 29, 2018 we received a letter from the managing director of the Assam Electronics Development Corporation LTD., confirming that the requisite $1M USD upfront license fee would be paid to QMC on or before January 31, 2019. [Update Report]
Payment was not made by 1/31/19.
2/20/19
The Company has recently been provided additional validation that the governmental transfer approval was complete and that funds should be received by the Company on or before February 20, 2019. [2Q 10-Q]
Payment was not made by 2/20/19.
3/19/19
Leading American cadmium-free quantum dot and nanomaterials manufacturer Quantum Materials Corp (OTCQB: QTMM) announced today that it has received an initial $500K along with confirmation that the $500K balance payment is in process as part of the upfront license fee for the License and Development Agreement consummated with Amtronics CC. [3/19/19 PR]
4/05/19
Expected payment of remaining $500K Licensing Fee. [Assumed based on “in process”]
Payment was not made by 4/05/19.
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