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Thursday, April 02, 2020 6:56:20 PM
The Company’s executive offices are located at 23902 FM 2978, Tomball, Texas 77375 (“Tomball Facility”). The Tomball Facility is leased from JBL Energy Partners, an entity solely owned by Jason Lane, Company CEO. The Tomball Facility is under a month-to-month lease initiated in April 2017 (“Tomball Lease”) at lease rate of $1,500 per month. Subsequent to the addition of a laboratory facility and outdoor storage facility for large equipment, the Tomball Lease was amended effective April 2019 increasing the lease rate to $5,000 per month. Total rent expense under this lease during the years ended December 31, 2019, and 2018 was $49,500 and $18,000, respectively which are included as part of Operating Expenses in the attached consolidated statements of operations.
So much for the free rent + NNN! Not a bad gig. Especially now. Commercial Property in Texas is already cheap.
“During fiscal year 2017, the Company and Temple amended the Second Temple License agreement. Pursuant to the amendment, the Company and Temple agreed to defer payment of $135,000 of the amount payable until such time the Company generates revenues totaling $835,000 from the license. In addition, the parties agreed that the unpaid balance of $135,000 will accrue interest of 9% per annum. As of December 31, 2018, the total unpaid fees and interest due to Temple pursuant to these agreements are $1,073,000.
During 2019 the Company paid Temple $63,000 and incurred an additional $244,000 of costs which includes the $188,000 annual license fee and $57,000 of interest. As of December 31, 2019, total unpaid fees and interest due to Temple pursuant to these agreements are $1,255,000. With regards to the unpaid fees to Temple, a total of $135,000 are deferred until such time the Company achieves a revenue milestone of $835,000 or upon termination of the licensing agreements and the remaining $1,120,000 are deemed past due. The Company is currently in negotiations with Temple to settle or cure the past due balance.
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On going fleecing of shareholders because of a stupid licensing deal that makes no sense to anyone. 187K a year for two licenses of which they don’t even use one! Now they collect a fat 10% a year on past due fees in the amount of $1.12M! Temple has zero applications of this alleged disruptive process elsewhere in industry in any form. They are happy to collect a paycheck no matter if Tao's claims are full of hot air. Man...do I feel for the real entrepreneurs of the market struggling for investment but get overlooked because companies like QSEP consume all the availible nanocap resources like its pigslop.
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