As WSGI quit filing with the SEC, you have to go to the Orbital Satcom (TRKK) filings to hear the story about what happened to GTC. Phipps purportedly bought the existing GTC contracts from WSGI when he left the Company and prepaid WSGI equipment & licensing agreements for 10 years. A few months later he bought the equipment and licenses from WSGI for $125K. Both WSGI and TRKK have claimed in their filings that the value of those assets are over $2 million dollars.
On December 10, 2014, the Company purchased certain contracts from GTC for $250,000 pursuant to an asset purchase agreement by and among the Company, its wholly owned subsidiary Orbital Satcom, GTC and World (see Note 4). Also on December 10, 2014, the Company, Orbital Satcom, GTC and World entered into a license agreement pursuant to which GTC granted to Orbital Satcom a fully-paid and irrevocable non-exclusive license to use certain equipment owned by GTC or its affiliates consisting of “appliques” in connection with the purchased contracts (see Note 3).
On October 13, 2015 the Company purchased the license and equipment for an additional $125,000 in cash. The Company values the equipment at the unamortized balance at the time of acquisition plus the consideration of $125,000 or $2,160,096.
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