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This doesn't look to promising and SEC delinquent? Ahhh, looks like they are trying to get current to get financing....now it makes sense. They really have no choice with all this debt, yikes...
We have generated net losses from inception and we have an accumulated deficit of
approximately $63 million as of June 30, 2017. We have experienced significant operating losses to date, including net losses of $5.7 million for fiscal year 2017 and
$4.6 million in fiscal year 2016. As of June 30, 2017, we had approximately $16,764 in cash
We may require additional debt and/or equity financing to pursue our growth strategy. Given our limited operating history and existing losses, there can be no assurance that we will be successful in obtaining additional financing. Lack of additional funding could force us to curtail substantially our growth plans or cease of operations. Furthermore, the issuance by us of any additional securities pursuant to any future fundraising activities undertaken by us would dilute the ownership of existing shareholders and may reduce the price of our common stock. Furthermore, debt financing, if available, will require payment of interest and may involve restrictive covenants that could impose limitations on our operating flexibility. Our failure to successfully obtain additional future funding may jeopardize our ability to continue our business and operations.
As of June 30, 2017, there are approximately 4.2 million in options and warrants that exercisable into common stock both affiliates (officers and directors) and non-affiliates under Rule 144 of the Securities Act of 1933, as amended. In general, under Rule 144, a person who has held stock for six months and is not an affiliate of the Company may sell their exercisable options and warrants without limitation under Rule 144. Future sales of common stock will increase the public float and may have a material adverse effect on the market price of the common stock, which in turn could have a material adverse effect on our ability to obtain future funding as well as create a potential market overhang.
r net loss for the year ended June 30, 2017, was $5,737,907 compared to a net loss of $4,639,698 for the year ending June 30, 2016, representing an increase of $1,098,209. Significant changes for year ended June 30, 2017 compared to the prior fiscal year have been described as follows:
Revenues decreased by $24,353. The decrease is a result of no longer earning services revenues due to the Company shifting its focus to entering into technology license agreement.
Operating expenses for the year ended June 30, 2017, were $2,789,801 compared to operating expenses of $3,547,124 for the corresponding period of the prior fiscal year, a decrease of $757,323. Significant changes for the year ended June 30, 2017, compared to the corresponding period of the prior fiscal year have been described as follows:
Consulting fees increased by $691,262. Consulting fees of $1,420,120 include non-cash fair value of obligations to issue shares of $12,720. This is compared to consulting fees of $728,858 provided in the corresponding period of the prior fiscal year that included non-cash obligations to issue shares of $26,460. The increase is primarily a result of the company switching from the use of employees to consultants during the year;
Advertising and marketing expense decreased by $318,428 to $2,031 for the year ended June 30, 2017 from $320,459 in the corresponding period of the prior fiscal year is attributed to management’s focus on cash conservation strategies;
Salaries and benefits decreased by $478,269. Salaries and benefits incurred of $417,929 for the year ended, 2017, compared to $896,198 in the corresponding period of the prior fiscal year. The decrease is primarily a result of the Company switching from the use of full-time employees to part-time consultants during the year;
Non-cash, Stock based compensation charges for the vesting of restricted shares were $196,576 compared to $179,584 in the corresponding period of the prior fiscal year. The increase is due to all remaining stock awards vesting during the year;
Professional fees decreased by $177,360 to $291,796 for the year ended June 30, 2017 from $463,156 for the corresponding period of the prior fiscal year. The decrease is primarily a result of the Company not needing to spend as much relating to new patents and reducing its audit fees;
Research and development costs decreased by $164,147 to $497,224 for the year ended June 30, 2017 from $661,371 for the corresponding period of the prior fiscal year primarily due to shifting management’s focus on securing licensing the Company’s technology;
Yes, This company is looking like its finally on the right track to reap huge rewards. Very excited to see the next updates from them.
Time to get current and put on the running shoes ITKG!
Time to wake this thing up, if we get any type of info on the confidentiality protection this thing will blow up.
They already have a tier 1 contract as well as a confidentiality order protecting them???
Me thinks this is a good one.
Any ideas whats up with the confidentiality order?
Great, could you summarize the eleven pages of notes regarding convertible debentures for me.
Well they hit their first milestone they mentioned in the conference call. Finally the 10K.
https://ir.electriplast.com/all-sec-filings/content/0001437749-18-017215/itkg20170630_10k.htm
The Company Conference call was very informative. The filings will be brought up to date very soon. Listen to it here.
https://player.freeconferencecall.com/?v=https://rs0000.freeconferencecall.com/storage/sgetFCC2/RzJOT/HH6K7
When the SEC comes a calling! I can’t wait to hear Doug’s excuse!
Delinquent SEC filings!! It is obvious no one at Integral Technologies wants the responsibility of providing truthful and accurate information requested by the SEC!!!!!! Hence, no more 10Ks or 10Qs!
The SEC had the following request for Doug. It has gone unfulfilled as ITKG has become delinquent with its SEC filings. Answers a lot of questions!!!!
Read the conductive blurb sounds like same stuff from a year ago.
Maybe they will explain why the last 10q is from March of 2017. Kinda old financial information. Hard to believe a company that doesn’t file their financial reports is anything but a scam.
Maybe they will update us on the monthly newsletter.
Looks like we have a conference call coming up.
They have the details over on the conductive blog.
https://ir.electriplast.com/conductive
Yes indeed! I believe that is the reason for halting all quarterly and annual SEC filings!
Looks like zero volume...the owners of ITKG are simply ripping people off.
They have absolutely NOTHING to offer the markets or investors.
Crickets, just the sound of crickets!
Maybe we should ask, "What never happened to ITKG?"
What the heck happened to Chang Rim? Another one bites the dust.
Don’t think your statement is supported by the news! Complet is the winner!
The deal with PlastiComp and PolyOne is a win for ITKG.
In the agreement with PolyOne and ITKG PolyOne has to pay royalties for all long fiber sales. PlastiComp produces Long fiber products. Instant and growing royalty income stream for ITKG just occurred today. Huge win for this little company.
https://www.streetinsider.com/Corporate+News/PolyOne+%28POL%29+Acquires+PlastiComp/14260710.html
YAWNNNNNN.....wake me up when they sell a pound of this hocus pocus stuff that nobody has ever even seen.
Integral CEO Doug Bathauer radio show interview.
https://thestockradio.com/mr-doug-bathauer-ceo-at-integral-technologies-inc-otc-itkg-3990.html
No, ITKG is the best 5 cent stock in existence!
ITKG is a non-reporting Pink Sheet piece of junk!
PolyOne Has Big Plans For EMI/RFI Shielding Compounds.
http://www.themoldingblog.com/2018/05/10/polyone-has-big-plans-for-emi-rfi-shielding-compounds/
This is us folks! This stock should start to see a strong positive trend very soon with this kind of news.
Dear Sputnik, I don't know who is more pig headed - me for not selling or you for not buying.
From a purely historical standpoint. Over the course of the last 20 years! Nothing has ever made it to Market. So I guess a timeframe you were looking at is it never happens. It won’t this time either.
Yes, good article. I just wonder about the cycle lengths for any and all applications. The 2017 car part for a 2017 car was unusual. I wonder how long it takes to get a new-material part into non-auto applications.
Very good insight in this write up about ITKG.
https://www.plasticstoday.com/automotive-and-mobility/integral-technologies-partners-polyone-bring-electriplast-material-global-market/171252350458709
Was going to say the same thing. I would occasionally drive by after picking up dog food at WFC in B’ham. Never seemed like much was going on.
Just like the Bellingham lab! Identical, nothing changes! Even the music is the same!
Every once in awhile I drive by the Canton location.
Always the same....no cars,no sign of anyone or anything going on.
No boxes or crates in the trash...Nothing.
So I go up to the door and knock...No answer. Just this song blaring on the sound system.
ITKG is under a STOP sign issued by OTC Markets due to delinquent SEC filings (multiple 10Qs and an all important 10K)! No public information.
Almost one year since last SEC filing. CAVEAT EMPTOR!
To everyone who has been riding this train for so long the station is in sight GO $ITKG$ GLTA
More PolyOne activity.
This is very good news showing the PolyOne team is actively engaged. It is really happening, finally this company is on a track to profits.
Here is the latest post from the Company's blog "Conductive"
Go to the blog to see the photos of the meeting.
Recently several of the PolyOne Executive team leaders came to our Tech Center in Canton, MI for a multi day meeting/training/strategy session. There was much discussion and training regarding shielding applications.
We were very impressed with their level of commitment and how quickly they responded. There was an excellent chemistry between PolyOne and our engineering team. These were members from Sales, Marketing and Technology groups all represented.
PolyOne is planning more training sessions in the future for more of their domestic and international team leaders of the company.
https://ir.electriplast.com/conductive
From the company Conductive Blog.
It covers questions many of us have had concerning the PolyOne license agreement very well. This is very exciting to see, this is a great deal.
http://ir.electriplast.com/conductive
Answers to Recent Questions
We are not able to answer all questions in this format, but we will attempt to answer all that we can as thoroughly as we are able. Below are several of the questions we have received since the announcement of the PolyOne license agreement.
(Q)-Where do I find specific details of the PolyOne/Integral license agreement?
The agreement can be found in our 8k filing dated 2.26.2018. The following is a link to the agreement; https://ir.electriplast.com/all-sec-filings/content/0001437749-18-003319/0001437749-18-003319.pdf The entire agreement is included with exception to our current customers which is not available for public viewing due to privacy and competitive reasons. Also, the royalty is not available for public view, it is typically something that a licensee wishes to remain private.
(Q)-Did Integral receive any upfront money as part of the license agreement?
Yes. All financial terms can be found in the agreement. The payment terms can be found in the agreement in Article 6.1 and Schedule 6.1
Article 6.1 reads as follows:
6.1 Upfront Fee. PolyOne shall pay to Integral, no later than ten (10) business days after full execution of this Agreement, an upfront fee as specified on Schedule 6.1 by wire transfer to a bank account to be designated in writing by Integral (“Upfront Fee”). The Upfront Fee is not refundable and is in addition to any Royalty Fees.
Schedule 6.1 reads as follows:
Schedule 6.1 “Upfront Fee” The Upfront Fee shall be One Million United States Dollars ($1,000,000 USD).
(Q)-Why did Integral license to PolyOne?
We have long sought a global partner capable of supporting and the expansion of our shielding business. This became more necessary after being awarded the two automotive programs last year. These programs and the potential expansion of those programs requires a tremendous amount of global infrastructure, resources and capacity. PolyOne has all those capabilities.
(Q)-How long until PolyOne is capable of supplying?
Immediately. One of the reasons for joining forces with PolyOne was because of their Long Fiber Technology(LFT) manufacturing capabilities. Prior to signing the agreement, the appropriate manufacturing, testing, etc. was completed.
(Q)-Did PolyOne license all of Integral’s IP?
No. The license was for shielding as defined in the agreement under Article 1.11.
Article 1.11 reads as follows:
1.11 “Field” means any application (a) intended for any market, and (b) in which the Licensed Material is used to provide shielding against electromagnetic interference (which includes but is not limited to radio frequency interference); which, for sake of clarity, excludes applications for bipolar plates for batteries.
(Q)-How many patents were included in the license?
10(ten)The patents that were licensed can be found in Schedule 1.23 of the agreement.
(Q)-What is not included?
All things that are not for shielding. For example, antennas, heated devices, fuses as well as our low conductive material used for electro static discharge(ESD)
(Q)-How is the royalty payment determined?
Details can be found in Article 6.2.1 and Article 1.20.
Article 6.2.1 reads as follows:
6.2.1 Royalty Percentage. PolyOne shall pay to Integral a percentage as set forth on Schedule 6.2 of the Net Sales of all Licensed Materials sold in the Field during the Term by PolyOne, any of PolyOne’s Affiliates, or any Other Sublicensees (collectively, the “Royalty Fees”).
Article 1.20 reads as follows:
1.20 “Net Sales” means (i) gross amount of invoiced sales less the sum of any (a) discounts actually applied in amounts customary in the trade which shall not exceed ten percent (10%) of the gross amount, (b) sales or use taxes directly resulting from the particular sales, (c) outbound transportation costs actually paid, and (d) amounts actually credited on returns, calculated in accordance with generally accepted accounting principles consistently applied in the United States based, or valued as if based on, bona fide arms’ length transactions and not on any bundled, loss-leading, or other blended or artificial selling or transfer price, or (ii) with respect to transactions or dispositions without consideration or with nominal consideration other than providing samples in the ordinary course of business, the average selling price at which products performing substantially similar functions, sold in similar quantities and similar locations, are then currently being offered for sale by other manufacturers.
(Q)-How does this effect our battery technology?
The agreement does not involve the battery technology.
Specifically stated in Article 1.11. Article 1.11 reads as follows:
1.11 “Field” means any application (a) intended for any market, and (b) in which the Licensed Material is used to provide shielding against electromagnetic interference (which includes but is not limited to radio frequency interference); which, for sake of clarity, excludes applications for bipolar plates for batteries.
(Q)-What happens to the recent automotive orders?
We will work in conjunction with PolyOne with these customers to support them and the expansion of the existing business. This process is already in process. This is addressed in Article 4.2. Article 4.2 reads:
4.2 Referral to PolyOne. Promptly after the Effective Date, Integral shall inform all Existing Purchasers that PolyOne is authorized by Integral to manufacture and supply Licensed Materials for use in the Field, and, during the Term, Integral shall refer solely and exclusively to PolyOne all orders, requests, or other inquiries from any Existing Purchasers concerning Licensed Materials for use in the Field (“Referred Business”). During the Term, PolyOne shall use commercially reasonable efforts to address the Referred Business.
(Q)-Is Integral ever going to file financials again?
Yes. It has certainly taken much longer than anticipated but we are working towards becoming current with our SEC filings.
(Q)-When is the next conference call?
We plan on scheduling a call at some point after the filing of our financials.
Conductive Magazine post from the Electriplast web site:
https://ir.electriplast.com/conductive
PolyOne; Expanding ElectriPlast's Gateway to the World
Feb 26 2018
This agreement with PolyOne is a milestone for Integral. This expands ElectriPlast's opportunities on a global scale and to markets that on our own, we may never have been able to penetrate. Integral's recent commercialization success in the automotive industry, its IP portfolio and applications expertise made this relationship a reality. PolyOne currently has the manufacturing capability to produce conductive long fiber technology (LFT) and will be able to scale their production to meet the growing demand from our automotive Tier 1 customers in addition to PolyOne's global customer base.
The license is an exclusive agreement for worldwide marketing, sales, manufacturing, and distribution, excluding the territory granted to Hanwha.
This agreement does not include our battery technology, which we retain 100% and are working to commercialize.
Having a world class polymer company, with the reputation and global reach of PolyOne, selling our shielding products to the world, truly validates our technology. PolyOne is constantly innovating and as an industry leader, draws significant media attention. When they make advances, and gain recognition using our technology, we share that spotlight.
PolyOne specializes in plastics. Compared with other potential partners, PolyOne is singularly focused on plastics and plastics solutions in the markets that we want to reach. Their revenues in the billions derived from plastics, rival any of their peers
Our Intellectual Property (IP) that we have so painstakingly developed over these many years, our engineering team's know-how to use the IP, and our recent commercial success in automotive makes us an attractive partner. Tremendous opportunity exists in EMI shielding for automotive due to the continuing electrification of transportation and the rapidly (sic) development of the autonomous vehicles. With their own solid engineering team, PolyOne is constantly innovating and our technology is a part of their solution. Their current reach is to penetrate:
Automotive lightweighting
Medical applications
Thermally conductive applications
And now, with the addition of ElectriPlast shielding applications we have developed, we offer PolyOne the ability to reach out to their existing customers, and to new markets with our material.
With a global workforce of 6,500 people and 35,000 polymer solutions available to their 10,000 customers, PolyOne is a leader in their field. With an already substantial sales force, in a recent press release PolyOne stated that they increased their global sales force by 20%. With PolyOne's massive production capabilities and facilities, and expertise in logistics to get the material to their customers in North America, South America, Asia Pacific and Europe, they are the right strategic fit for Integral. And they are beginning production facilities in India, one of the fastest growing markets in electric vehicles and a rapidly growing economy. It would have taken Integral many years and an incredible amount of capital to develop an infrastructure needed to attract and service these international customers. The PolyOne partnership "short circuits" that process and enables us to have access to that customer base immediately and without the capital costs.
PolyOne is a fully integrated plastics company with their own Long Fiber Technology(LFT) manufacturing, they perform their own formulating, manufacturing, and quality control. They have advanced testing facilities and conduct their own testing in-house at their campuses. When they develop new ideas, they can execute from development to implementation as it relates to the formulation of new polymers. With the new relationship with Integral, they now have the ability to access our engineers for new applications, which they presently do not have.
PolyOne is a leader in the plastics industry, but their expertise goes beyond just plastics. They assist companies / industries in optimizing the supply chain, and work with industry in meeting new product development demands, and provide manufacturing support. They are making significant inroads into the following areas for use of their advanced plastics:
Appliances
Building/Construction
Consumer Products
Electrical/Electronics
Healthcare
Marine
Packaging
Sporting Equipment/Hunting
Textiles
Transportation
Wire/Cable
And now shielding plastics and automotive apps with inclusion of ElectriPlast
PolyOne actively participates in Plastic Shows and Conferences worldwide, and we are looking forward to the exposure from these worldwide forums provided by another tool in the PolyOne marketing arsenal.
PolyOne is constantly growing. They have been actively acquiring companies to improve their market position. They recently acquired companies in the areas of color additives and 3D printing, which could have a side benefit to the ElectriPlast technology.
We are excited to have the opportunity to contribute to PolyOne's growth.
What's Next for Integral?
Integral will continue to develop in accordance with our business model:
Expand our technology and IP portfolio in conductive plastics area, which are not a part of our PolyOne deal;
Enter into strategic partnerships in other areas of our portfolio that enable us to monetize our IP with long-term returns;
Explore value-added products/services that enhance our technology, including design and prototyping of new products with PolyOne or their customers.
What's next:
Work with PolyOne in preparing for our customers' major product launches this year:
North American Tier 1 for European Electric Luxury SUV
2 million vehicle global automotive platform
Expand business together by leveraging each company's strengths;
More opportunity to monetize outside of the PolyOne relationship; low conductive, highly conductive and battery technologies.
Thanks and well said in your post also. The stock price will follow and should trend up as this company will be making money now...big money.
Well said - that is what I was getting at.
Yesterday PolyOne released an official press release on the agreement with Integral. This is very significant for both companies. This shows big industry has finally recognized Electriplast is an excellent solution to the needs of light weighting and shielding in various applications yet one more time (remember the automotive deal last summer). The testing and bean counters at PolyOne had to have spent plenty of time ensuring this would be a win for them before even talking to Integral. PolyOne is a major player in its industry and we all know the struggles Integral has had getting Electriplast fully noticed across many industries. ITKG is not the same company it was last week, the direction for this ship has change for the better and I am happy to be on board.
http://www.polyone.com/news/polyone-expands-automotive-engineered-polymer-portfolio-electriplast-conductive-long-fiber
Only good news here. I am speculating a bit, but what I think the net effect of what is happening is that this partnership just put way more hands on the electriplast deck, metaphorically speaking. One of Integral's problems has been the lack of money and manpower to pursue various strands of product implementation. Again, I am only speaking from bits of information gathered along the way, but I think that it would be safe to assume that the responsibllty for a certain amount of electriplast applications will be taken over by the partnership. So, the net effect is that Integral Technologies can get other business done while the partnership develops whatever is included in the agreement.
This is good news. This agreement indicates that Integral is on the ascent - the present share price notwithstanding.
There is so much FAKE NEWS these days. #P&D
EVANSVILLE, Ind., Feb. 26, 2018 /PRNewswire/ -- Integral Technologies Inc. (OTC-PK: ITKG) today announced it has partnered with PolyOne Corp. to commercialize its patented, long fiber conductive ElectriPlast(R) material for electromagnetic and radio-frequency (EMI/RFI) shielding applications. ElectriPlast Corp. is a leading technology innovator in conductive plastics with a broad intellectual property portfolio and deep application development expertise.
Through an exclusive, ten-year license agreement, ElectriPlast(R) technology will serve as a complement to PolyOne's existing specialty engineered materials portfolio, providing superior shielding for advanced driver assist systems (ADAS), including housings, connectors, and internal components for cameras, sensors, and electronic control units. As the automotive industry races to incorporate more ADAS technologies, the need for EMI/RFI shielding to eliminate cross talk has grown exponentially, because shielding is essential to the systems' operation.
OTC Markets has awarded ITKG with a STOP Sign due to delinquent SEC filings!!
How much revenue has been generated due to all of these orders? It is anyone’s guess since ITKG has stopped filing with the SEC.
It's up on the company page as well. Good news
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ElectriPlast’s extensive patent library has earned them recognition as “One of the 50 Best & Brightest Companies” by MBD Capital and is one of the most extensive intellectual property libraries in the conductive plastics space.
ElectriPlast has been constantly innovating since filing its first patent application in December of 2002 for engineering a highly conductive plastic for antenna applications.
Holdings include patents covering ElectriplastTM, a line of non-corrosive, electrically-conductive resin-based materials, as well as patents specific to applications and components manufactured from electrically conductive resins.
Here is a link to the list of their current patents:
https://www.electriplast.com/patents/patent-portfolio
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