Wow...Jon Scahill owns a part of Fabricant LLP along with his father-in-law. It's a tiny law firm that can't seem to handle high volume and I guess they can't take their business elsewhere. Are we doomed to one new lawsuit a year?
During the three and nine months ended September 30, 2023, the Company contracted with a law firm more than 10 percent owned by the chief executive officer. The firm serves as counsel to the Company in connection with general corporate matters, diligence and maintenance of the Company’s patent portfolio. For the three and nine months ended September 30, 2023, the cost of these services was approximately $25,000 and $25,000, respectively.
During the three and nine months ended September 30, 2023 and 2022, the Company contracted with a law firm more than 10 percent owned, but not controlled, by the father-in-law of the chief executive officer. The firm is engaged on a contingent fee basis and serves as escrow agent in connection with monetization of the Company’s patents in matters where the firm is serving as counsel to the Company. For the three and nine months ended September 30, 2023, the cost of these services was approximately $56,000 and $118,000, respectively. For the three and nine months ended September 30, 2022, the cost of these services was approximately $33,000 and $61,000, respectively. Since the services are on a contingent fee basis, no fees are incurred unless there is a recovery.
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