|6 Months Ended|
May 31, 2020
|Subsequent Events [Abstract]|
Note 14 – Subsequent Event
Effective June 9, 2020, the Company entered into a Patent Option Agreement (the “Option”) with Duke University (“Duke”). This exclusive Option is for a period of six (6) months from the effective date of the Option. As consideration for the Option, the Company paid Duke a$350,000
non-refundable,option fee of
during June 2020. Such option fee, plus any extension fee, will be fully credited against the license fee under the future license agreement. The Option is subject to extension by the Company for an additional six months by payment of
on or before the expiration of the initial six month option period.
In connection with the option, Cryo-Cell anticipates opening a clinic to help patients have greater access to cord blood treatments established by Duke University under the FDA granted Expanded Access Program.
The foregoing summary of the Option is not complete and is qualified in its entirety by reference to the Option, a copy of which is attached to the Company’s Form
8-Kfiled with the Securities and Exchange Commission on June 11, 2020 as Exhibit 10.1 and incorporated by reference.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef