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Note 13 - Legal Proceedings
12 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Legal Matters and Contingencies [Text Block]
NOTE 1
3
- LEGAL PROCEEDINGS
 
In August 2012, the Company filed a civil suit in the Superior Court of New Jersey against defendants Wellington Scientific LLC (“Wellington”) and Peter F. Lordi, demanding payment of the convertible note receivable from Wellington in the amount of $50,000 (plus accrued interest). The Company sued for breach of contract, fraud in the inducement, and other claims. A counterclaim was filed by the defendants.
In February 2015 the suit was settled and the claims and counterclaims were dismissed with prejudice including the forgiveness of the convertible note receivable and accrued interest. In accordance with the settlement agreement for the seven years subsequent to the settlement date the Company has agreed to pay Wellington no royalties on the first $500,000 of any future sales of electronic uroflowmetry diagnostic medical device technology; 1% on future sales from $500,000 to $1,000,000; 2% from $1,000,000 to $2,000,000; 4% from $2,000,000 to $10,000,000 and, then a reduced royalty of 2% on any future sales above $10,000,000. In addition Lordi and Wellington have disclaimed any future right, title or interest in the electronic uroflowmetry diagnostic medical device technology and any intellectual property related thereto or any related or successor devices that the Company may develop.
 
We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. Other than the foregoing, there are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.