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Sunday, December 03, 2006 8:45:03 AM
Two contracts were signed in the third quarter for sales of three Energy Commander V machines. The sale price of each machine is $30,000. The first contract is with Greater Sooner Holdings, Inc. The contract calls for a 30% deposit within 30 days of the signing of the contract. This deposit has not yet been paid and therefore the total contract is not reflected in the financial statements.
The second contract is with Kingswell Funding LLC. The contract is for the sale of two Energy Commander V. The contract calls for a 30% down payment that will occur immediately after placement locations for the machines are found. The condition precedent for the down payment has not yet occurred and therefore the total contract is not reflected in the financial statements.
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