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LICENSING AGREEMENT
12 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
Licensing Agreement

NOTE 4 – LICENSING AGREEMENTS

 

United Kingdom and the Republic of Ireland, the Channel Islands and the Isle of Man

 

In March 2014, the Company entered into an Exclusive Marketing Rights Agreement with an unrelated third party that granted to the third party the exclusive right to market and promote the sugarBEAT® device and related patches under its own brand in the United Kingdom and the Republic of Ireland, the Channel Islands and the Isle of Man. The Company received a non-refundable, up-front cash payment of GBP 1,000,000 (approximately $1.38 million and $1.24 million as of March 31, 2021 and 2020, respectively), which was wholly non-refundable, upon signing the agreement.

 

As the Company has continuing performance obligations under the agreement, the up-front fees received from this agreement have been deferred and will be recorded as income over the term of the commercial licensing agreement beginning from the date of clinical evaluation approval. As the Company expects commercialization of the sugarBEAT® device to occur in the year ending March 31, 2022, approximately $103,000 of the deferred revenue has been classified as a current liability as of March 31, 2021.