Quantum Materials Corp. (fka QTMM)

[Jamis1]

On or about December 23, 2018, Assam Electronics Development Corporation LTD (an Indian government enterprise involved in the development of the manufacturing facility in India) paid the first investment of $1M USD into the overall project fund. Amtronics then transferred a $500K USD commitment fee to the group that has secured the $20M investment funding. In terms of direct funding, the Company received a $500,000 payment from Amtron/Amtronics in March 2019. The Indian monetary system has layers of oversight and approvals for international remittance of funds which the Company believes caused the delay of the payment from the previously reported schedule. In order to avoid similar delays in the future, Amtron/Amtronics have informed the Company that they are in the process of issuing a letter of credit for the balance of funds owing for the license fee as well as equipment purchases. The Company believes that once this letter of credit is in place it will provide more timely payments going forward. In the meantime, the Company has proceeded readying the production equipment in order to maintain project momentum.

In addition to Company’s efforts to commercialize its QD-LED remote phosphor technology for displays, the Company plans for its core focus in 2019 to be research and development for the optimization of its 3rd generation perovskite QD based solar technology in preparation of scaling up to commercial production levels in Assam, India.

https://www.sec.gov/Archives/edgar/data/1403570/000149315219007756/form10-q.htm