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Patent and Technology License Agreements (Details)

v3.20.2
Patent and Technology License Agreements (Details) - USD ($)
1 Months Ended 9 Months Ended
Apr. 30, 2020
Jun. 30, 2020
Patent and Technology License Agreements (Textual)    
Maintenance fee   $ 90,000
Minimum aggregate annual royalties   100,000
Increasing annual royalties   25,000
Maximum aggregate annual royalties   150,000
Payable amount to NAT   1,100,000
Nonrefundable upfront payment   $ 125,000
Description of license agreement   We paid an annual maintenance fee of $30,000. The annual maintenance fee increases annually by $15,000 per year up to a maximum of $90,000. Annual maintenance fees cease on the first sale of product. We also must pay up to an aggregate of $2.1 million in milestone payments, contingent on the achievement of various regulatory and commercial milestones. Under the terms of the license agreement, we also must pay a royalty of mid- to upper-single digit percentages of net sales, depending on the amount of annual sales, and subject to downward adjustment to lower- to mid-single digit percentages in the event there is no valid patent for the product in the United States at the time of sale. After the first sale of product, we will owe an annual minimum royalty payment of $100,000 that will increase annually by $25,000 for the duration of the term.
Aggregate of milestone payments   $ 2,100,000
Annual minimum royalty payment   $ 100,000
Agreement expiration date   Jan. 02, 2034
Options paid $ 100,000