Quarterly report pursuant to Section 13 or 15(d)

7. Settlement Income

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7. Settlement Income
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Settlement Income

Note 7 – Settlement Income

 

On August 21, 2018, the Company entered into an agreement to modify the terms of the Settlement Agreement and Release entered into as of September 27, 2012 between the Company, Peerless Media, Ltd. and ElectraWorks, Ltd.. Based on the new agreement, the Company received $2.25 million and agreed to terminate its rights to any additional payments under the original Settlement Agreement. The Company also paid a 5% fee of $112,500 to a former officer as part of an agreement with the former officer related to the 2012 settlement agreement.