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License Agreement
9 Months Ended
Sep. 30, 2018
License Agreement  
License Agreement

Note 5 – LICENSE AGREEMENT

 

In 2012 and 2013, the Company made a total payment of $50,000 in connection with an executed exclusive license agreement with Aoxin to import, assemble and manufacture an advanced carbon fiber electric vehicle called the “e-Go”. The cost of this license agreement was recognized as a long-term asset and was evaluated for impairment losses at the end of each reporting period. As of September 30, 2018, and December 31, 2017, impairment losses related to this license of $50,000 and 0, respectively, were identified by management, meaning the value of the Aoxin license has been written off. We have made contact with Aoxin through our representatives in mainland China, and intend to re-approach them with a business plan and negotiate a new contract if and when Aoxin obtains licenses to design and manufacture e-Go vehicles in the future. We have requested information regarding the Company’s prior relationship with Aoxin from prior management who have provided unresponsive and unsatisfactory responses to date.