Not sure where you saw that in the Q, Lew. If you could direct me to the contract language you identified, I would appreciate it. The information I read in the Q is as follows:
The Company's first commercial agreement occurred in May 2023 from a material supply and license agreement (the “License Agreement”) that incorporates the Company's patented electro-optic polymer materials for use in manufacturing photonic devices (the “Licensed Product”). All revenues are recognized over time commencing with the Company’s first commercial agreement in May 2023. No revenues were recognized for the three-month period ending September 30, 2023 since the licensee did not requisition material as of September 30, 2023. An up-front licensing fee in the amount of $50,000 was paid during the three-month period ending June 30, 2023 and is recorded in short term liability deferred revenue in the Company’s balance sheet as of September 30, 2023. During October 2023, the licensee requisitioned material under the License Agreement. The Company will recognize related revenue during the quarter ending December 31, 2023.
It does, however, stand to reason that because the licensee has requisitioned some material, at least a portion of the 50k will ultimately be recognized as revenue at some point in the future.
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