Well, not quite. $55K in cash was given along with 50K ONPH restricted stock that, at the time, was worth ~$1.4 million. Right now, he has ~38K shares but he has had to sell those shares at a steep discount to market to get cold cash. So what ever the "market" price of those shares are deduct ~30 to 40% of it.
Per the original agreement about time frame:
In the event that development of the License IP by the Licensee is not commenced as of the date that is nine months from the effective date of the Agreement the rights and license granted pursuant to the Agreement shall become nonexclusive.
My guess is when nothing happens, Koos will re up the agreement with another empty agreement with possibly more cash from ONPH. Onph has written checks it can not cash with all of their licensing deals.
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