Byrna Technologies (BYRN) - 2023 Q4 - Annual Report

Pursuant to the Purchase and Sale Agreement between the Company and its former CTO dated April 13, 2018 and further amended on December 19, 2019, the Company was committed to a minimum royalty payment of $0.025 million per year. Royalties on CO2 pistols were to be paid for so long as patents remain effective beginning at 2 ½% of the agreed upon net price of $167.60 ("Stipulated Net Price") for the first year and reduced by 0.1% each year thereafter until it reaches 1%. For each substantially new product in ...