When AXP borrowed the money from Oxford, in Aug 2017, the relevant annual report says that the loan was secured by the assets excluding the IP which, as I understand it, is owned by Shalon. The agreement also states that AXP or Shalon cannot pledge the IP to anybody else.
Implications could be immense. If Oxford calls in the loans without the IP and it all goes pearshaped all they (Oxford) have is cash and working capital. The value of inventory without the intellectual backing of the IP is questionable; total liquidation value 20% to 30% at best.
I've looked and looked and can't find a reference to adding the IP to the Security. Did I miss anything?
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Mkt cap ! $6.684M | |||
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