I agree and I disagree here's why---- The 4.923mm shares of stock used to acquire the initial 35% interest were returned to BIPH when Myotech was dissolved. As you indicate these shares held a carrying value of roughly $8.4mm. When they were returned to the treasury the value was $68,923 resulting in a write down of $8,398,775 which is part of the asset impairment charge. $6,211,741 was then recorded as a gain in minority interest on the financial statements. All of which brings us to the Loss from discontinued operations of $ (8,635,464 ) -------------------------------------------------------------
Loss on disposal of assets $ (49,510 ) Impairment of intellectual property (14,564,958 ) Loss from Myotech operations (232,737 ) Minority interest 6,211,741 Loss from operations of discontinued operations $ (8,635,464 ) ------------------------------------------------------------
It appears to me that BIPH may have sold the MRI patents to Medtronic with the specific intention to acquire exclusive rights to the Myovad device which would answer your question as to where the $11mm went. Note that cash payments to Myotech began after the Medtronic sale. Total cash changing hands was the $8.6mm that I referenced earlier. As a result BIPH now exclusively owns all rights to the CSS device which others have stated "may" be worth billions at a cost of $8.6mm. I believe that Management knew exactly what they were doing and are executing the strategy beautifully. Remember that these patent assets have yet to issue and it is not possible to license or recieve royalties from IP until that milestone is achieved. -----------------------------------------------------------------------
As part of the distribution of Myotech assets, 4,923,080 shares of Biophan common stock, par value $.005 were transferred from Myotech LLC to Biophan. On the date of transfer, the stock had a fair value of $68,923. The Company recorded a charge against paid in capital equal to $8,398,775 since the stock was previously accounted for as treasury stock in the consolidated financial statements.
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