4. RECEIVABLES AND REVENUES

On June 3, 2020, the Company entered into a development and license agreement with a U.S. affiliate of Medtronic plc (“Medtronic”) in connection with the development of robotic assisted surgical technologies and a separate license agreement with Medtronic in respect of certain previously developed Company technologies. Total consideration for the development agreement was up to $31 million and total consideration for the licensing agreement was $10 million. The Company has received a total of $40.6 million from the licensing and development agreements.

In 2020, the Company received $10 million for the completion of the first milestone and an additional $10 million pursuant to the licensing agreement for intellectual property rights and know-how.

In Q2 2021, the Company received $10 million for the completion of the second milestone. On December 30, 2021, upon receiving written notice from Medtronic confirming that the final milestone was achieved, Titan accrued a receivable and recognized $10 million of revenue. Concurrent with the achievement of the final milestone, the Company is obligated under the development agreement to repay the senior secured note. The $10 million receivable is presented net of the $1.75 million balance remaining on the note payable (see Note 8).