Current Technical Activity
- 100% of the R&D work is devoted to developing new skylight products.
- Company is in a position to devote R&D resources to work with anyone who wants to license or buy our SolarVolt technology.
Recent Actions to Reduce Cash Flow
- Reduced staff to 3 paid employees. They are Bob Walters, Don Spears and Curtis Stone.
- Paid off all severance for terminated employees.
- Negotiated termination of long term lease at a cost of about $70,000, saving Company about $3 million in lease expenses over the remaining life of the lease.
- Moved to new address with total annual rent of about $40,000 and rented on a year-to-year basis.
Recent Financial Activities
- Settled suit with Rainbow Associates for $30,000 plus 30 million common shares.
- Incurred secured debt to Dr. James Doti of $100,000.
- Incurred secured debt to Quercus Trust of about $1,500,000. Part of this was a conversion of unsecured debt to secured debt in return for Quercus extending maturity on its unsecured notes.
- In return for Quercus extending the maturity by two years on its secured notes, and for agreeing to forgive the interest and principal on these notes when due, the Company has repriced exercise price on warrants to non-profits for veterans and military families to 1 cent per share if the company hasn't been forced into bankruptcy by that time.
- Authorized sale of up to $500,000 more in secured debt to Quercus prior to 11/26/2013.