• Filing Date: 2013-11-12
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
License Agreement with Related Party
9 Months Ended
Sep. 30, 2013
License Agreement [Abstract]  
License Agreement with Related Party
Note 6 - License Agreement with Related Party
 
The Company has entered into a 10-year, renewable, exclusive license with Magnolia Optical Technologies, Inc. (“Magnolia Optical”) on April 30, 2008 for the exclusive rights of the technology related to the application of Optical’s solar cell technology.  Magnolia Optical shares common ownership with the Company.
 
The Company is amortizing the license fee of $356,500 over the 120 month term of the Agreement.  Accumulated amortization as of September 30, 2013 and 2012 was $193,104 and $157,454, respectively.  Amortization expense for each of the nine months ended September 30, 2013 and 2012 was $26,737.  The Company’s management has determined that the fair value of the license exceeds the book value and thus no further impairment or amortization is necessary as of September 30, 2013.