I see the confusion now. Seems Gary can't remember what he said from month to month
10Q filed May 14, 2014
Page 10
On May 8, 2014, the Company signed a joint venture agreement with Cenco Leasing LLC. (Cenco) The agreement calls for a joint venture to be formed between the Company and Cenco for the purpose of funding a GETH facility in Stockton, CA with Cenco funding the project. The Company will own 30% (thirty percent) of the joint venture and Cenco will own 70%. The agreement also calls for Cenco to provide two one year 8% loans to the Company with stock conversion rights. The first loan will be $50,000 (fifty thousand) due when the agreement is signed and the second loan in the amount of $40,000 (forty thousand) is due on June 2, 2014.
-10-
Page 11
On May 8, 2014, the Company signed an agreement with Cenco Leasing LLC (“Cenco”) The agreement calls for a joint venture to be formed between the Company and Cenco for the purpose of funding a GETH facility in Stockton, CA with Cenco funding the project. The Company will own 30% (thirty percent) of the joint venture and Cenco will own 70%. The agreement also calls for Cenco to provide two one year 8% loans to the Company with stock conversion rights. Funding for the first loan will be $50,000 and provided when the definitive joint venture agreement is signed and funding for the second loan for the amount of $40,000 shall be provided on June 2, 2014.
-11-
10Q filed Aug 14, 2014
Page 11
On May 8, 2014, the Company signed a memorandum of understanding with Cenco Leasing LLC (“Cenco”), in which the memorandum calls for a joint venture to be formed between the Company and Cenco for the purpose of funding a GETH facility in Stockton, CA with Cenco funding the project. The Company will own 30% (thirty percent) of the joint venture and Cenco will own 70%. The memorandum also calls for Cenco to provide two one year 8% loans to the Company with stock conversion rights. Cenco provided to the Company a loan in the amount of $50,000 on May 8, 2014 and Cenco provided a second loan in the amount of $40,000 on June 2, 2014. As of June 30, 2014, a formal joint venture between the Company and Cenco has not been consummated.
