10-Q - TPL/Moore settlement
posted on
Jan 14, 2016 05:27PM
So TPL and Moore "settled their differences a while back but somehow PDS agreed to pay Moore for 4 years. So actually PTSC is paying 50% itself and TPL's contributions to PDS are not being solely used to pay for pursuing MMP licensing... No wonder they keep things secret! Maybe I missed the implications if this was in earlier SEC filings.
QUOTE:
During January 2013, TPL and Moore settled their litigation. Terms of the settlement include the payment by PDS to Moore of a consulting fee of $250,000 for four years or until the completion of all outstanding MMP litigation whichever comes first. Per terms of the agreement PDS paid Moore $150,000 on the settlement date and paid Moore $16,667 per month from August 2013 through January 2014 and will pay $20,833 per month beginning February 2014 through January 2017. During the three months ended November 30, 2015 and 2014, PDS expensed $62,499 and $62,499, respectively, pursuant to this commitment and during the six months ended November 30, 2015 and 2014, PDS expensed $124,998 and $124,998, respectively, pursuant to this commitment. These expenses are recorded in the accompanying PDS statements of operations presented below.