Then at the end they have Exhibit 10.41, the July 23, 2014 letter to shareholders:
Nowhere did they say WHE GEN was going to pay Cyclone $500K to buy back stock. They represented that Cyclone would sell the stock "simultaneously with the separate funding" of WHE GEN.
So WHE GEN ends up with not the $1.3m for operations that the investors thought the would, but with only $800K.
Given that WHE GEN does not yet have a product that meets a minimal requirement to be considered a beta test prototype, and that Ohio State has worked for more than a year without meeting even this goal, this $500K being siphoned off from R&D is going to have a major material impact on WHE GEN's chances of survival.
You'd think people would look into who they are giving their money to...
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