Nature of Operations | NOTE 1 NATURE OF OPERATIONS Cambridge Projects Inc. (the "Company") was incorporated in Nevada on March 11, 2011. On February 8, 2012 the Company entered into a Licensing Agreement (the Agreement) with Quadra International Inc. (Quadra), the manufacturer of the QI System. The QI System processes organic waste to marketable by-products and is proprietary technology. The Company obtained exclusive licensing rights in the states of Johore and Selangor, Malaysia for a period of 25 40,000 400,000 5 3 On April 24, 2013, the Company signed an addendum to the February 8, 2012 license agreement with Quadra whereby the Company was granted an extension of the purchase date for one QI System from April 30, 2013 to December 31, 2013 for an extension fee of $ 15,000 On November 18, 2013, the Company entered into an agreement to extend the time limit to purchase and install the QI System to December 31, 2014 for consideration of $ 20,000 On April 7, 2014, the Company entered into an agreement with Quadra to acquire additional territories to include all thirteen (13) states in Malaysia for consideration of $ 70,000 On February 15, 2012, the Company entered into a Sub-License Agreement with Zhunger Capital Partners Inc. (Zhunger), to grant exclusive rights to sub-license, establish joint ventures to commercialize, use and process organic waste, and sell related by-products for a period of 25 70,000 5,000 5 5 400,000 On April 26, 2013, the Company entered into an addendum to the February 15, 2012 sub license agreement with Zhunger whereby the Company granted Zhunger an extension of the purchase date for one QI System from April 30, 2013 to December 31, 2013 for an extension fee of $ 20,000 5,000 25,000 On November 19, 2013 the Company entered into a second extension agreement with Zhunger to extend the purchase date of the QI Pyrolic System until December 31, 2014 for compensation of $ 30,000 5,000 On April 10, 2014, the Company entered into an agreement with Zhunger to extend the purchase date of the QI System until December 31, 2015 for consideration of $ 30,000 5,000 The Company also obtained the option of acquiring 50 150,000 Impairment of License Value The Company has determined that it is more likely than not that the value of the license has diminished. There is no open market for this type of asset and no comparables. Therefore the Company has reduced the value of the asset by $ 35,000 54,475 |