Capitalized License Fees- The Company obtained a license for a mobile payment transfer application from MyECheck, Inc. The $324,000 cost of the license has been capitalized pending commencement of sales
Itonis is also awaiting MyECheck, Inc.’s mobile app to facilitate point of purchase transactions in the medical marijuana, gambling and general retail sectors. Itonis’ licensing rights are merely pending MyECheck’s finalization and delivery of the app.
The Company is also positioning itself to receive the final mobile app from MyECheck, Inc. The companies have been in communications to coordinate the delivery of the mobile app to Itonis, Inc.