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Friday, May 07, 2004 11:56:19 PM
"A consulting agreement between GenBiomics, LLC and us was terminated on April 1, 2003. The original consulting agreement was signed on May 17, 2002 and was an agreement that we entered into for consultation and advice on the development of our scientific and business plans. Since that time, two of GenBiomics members have agreed to become executives in our Company and Board of Director members and as a result the prior consulting agreement was terminated. At December 31, 2003, we had accrued $35,475 owed to GenBiomics for the services provided prior to the termination of this agreement. During 2003 and 2002, we recorded consulting expense related to this agreement of $10,000 and 41,250, respectively."
I would imagine that the company was reinstated in November 2003 to allow for the accrued earnings to be paid. There being no further use for the company would then explain the subsequent vountary dissolution. Also confirms that there is no loss of focus by Gabriel and Gomez on account of Genbiomics.
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