News 
Market Data 
Discover
Replies to post #4341 on Dror Ortho Design Inc (DROR)
The single agreement that is referenced in Note 4 that accounts for all of the contingent accrued royalties was an agreement dated January 4, 2004 and an amendment dated July 24, 2007 between Novint Technologies, Inc. and Force Dimension, LLC based in Switzerland. As noted in Note 4 describing commitments and contingencies, the company believes, based on extensive due diligence including examining documents and interviews with prior management and employees, that the other party to the agreement failed to deliver the deliverables as specified in the agreement and that the company believes that beyond the initial payments that Novint made, that this obligation is no longer ongoing and the company deems the agreement terminated.
There is a licensing agreement dated April 6. 2009 between Inverse Technology Corporation and Kinetecs, Inc., both based in Lincoln, Nebraska and Force Tek Enterprises, LLC of Cecil, Pennsylvania. When Novint merged with ForceTek in April 2011, as described in this filing, Novint assumed this license. The agreement contained a large initial payment that was paid by Force Tek and subsequent royalties based on sales of products that utilize the licensed technology. The technology from this license may be used in Novint's Xio product that has been in development, in which case the company would be required to pay royalties on commercial sales as per the agreement, although there can be no assurances that Novint will be able to successfully commercialize the Xio product.
