Quarterly report pursuant to Section 13 or 15(d)

Commitments

v3.10.0.1
Commitments
6 Months Ended
Sep. 30, 2018
Commitments [Abstract]  
Commitments
13. Commitments

 

(a) On August 4, 2016, the Company entered into a three-year lease agreement commencing November 15, 2016. The minimum lease payments over the remaining term of the lease are as follows:

 

  Fiscal Year   $  
         
  2019     31,057  
  2020     39,339  
           
        70,396  

 

(b) On January 1, 2017, PGTC entered into a one year tooling development agreement with a non-related party to begin tooling for pending projects in advance of orders to facilitate shorter delivery times. Pursuant to the agreement, PGTC will pay $160,198 (RMB1,050,000), on the one year anniversary of the acceptance of the system.

 

(c) On January 1, 2017, PGTC entered into a nine month sales and marketing agreement with a non-related party to conduct sales and marketing services for the scrubber system in China. Pursuant to the agreement, PGTC will pay $160,198 (RMB1,050,000), on the nine month anniversary of the acceptance of the system.

 

(d) On July 14, 2017, the Company entered into a new memorandum of understanding to establish a new joint venture company in China with a non-related party (the “Supplier”) wherein the Supplier would receive and process orders, manufacture, and install products for the Company’s customers. In return, the Company agreed to design the product, provide strategic pricing, sales and marketing direction, as well as provide technology licenses and technical support (the “Technology”) to the Supplier. During the term of the agreement, the Company will provide the Supplier with a non-transferrable right and license to use the Technology to manufacture and install the product within the Asia and Russia region.