The entire debt was cancelled as well as the $50,000 per six month retainer that GERS could afford.
Cantor Colburn LLP ("Cantor") and the Company entered into an amended agreement pursuant to which Cantor agreed to accept 15% of any recoveries from the Company's pending patent litigation in excess of $3.6 million per year in exchange for all services rendered to date and moving forward.
The Company recognized an $8,433,388 gain on extinguishment of debt upon the write-off of all accrued legal fees.
Cantor Colburn LLP (C&C) is a distinguished, experienced IP law firm with complete and intimate knowledge of the legal facts in this litigation.