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EXCEL - IDEA: XBRL DOCUMENT - HARMONIC ENERGY, INC.Financial_Report.xls
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EX-10.4 - EXHIBIT 10.4 - HARMONIC ENERGY, INC.ex10_4.htm
EX-31.2 - EXHIBIT 31.2 - HARMONIC ENERGY, INC.ex31_2.htm
EX-10.5 - EXHIBIT 10.5 - HARMONIC ENERGY, INC.ex10_5.htm
EX-31.1 - EXHIBIT 31.1 - HARMONIC ENERGY, INC.ex31_1.htm
EX-32.1 - EXHIBIT 32.1 - HARMONIC ENERGY, INC.ex32_1.htm
10-K - MAINBODY - HARMONIC ENERGY, INC.mainbody.htm
v2.4.0.6
LICENSE AGREEMENT
12 Months Ended
Jul. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
LICENSE AGREEMENT

 

On March 14, 2012, the Company entered into a License Purchase Agreement with Kouei International, Inc. The Company acquired the exclusive rights in North America and Europe to use the Tyrolysis™ technology owned by Kouei Industries Co., Ltd. of Japan. Kouei International holds these rights under license from Kouei Industries and, pursuant to the agreement, has assigned them to the Company. The Tyrolysis™ technology is a comprehensive ‘closed-loop’ solution for the management of scrap tires, which allows for all scrap tires to be either re-manufactured into new tires or reduced, through a carbonization process, into marketable chemical products such as diesel fuel, carbon black and syn-gas.

 

Under the terms of the agreement, the Company is required to pay a total of $525,000 of which $175,000 was due within 90 days of the closing of the agreement (which has been paid), as well as $175,000 due 90 days after the first payment and $175,000 due 90 days after the second payment has been made. The balance due on the license fee payable was $350,000 as of July 31, 2012.

 

Subsequent to September 30, 2012, Kouei Industries agreed to extend the second payment due date to June 30, 2013 and the third payment due date to September 30, 2013. All other terms of the agreement remain the same.

In addition, the Company is to pay a royalty of 3% of all revenues in respect of gross sales for a period of 5 years, and a royalty of $2.50 per remanufactured passenger tire and a royalty of $3.00 per remanufactured light truck and truck tire at the end of each month for a period of 5 years. There have been no revenues generated from the license agreement as of July 31, 2012.