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Sunday, April 26, 2020 12:51:52 PM
The Product
To date, our focus has been on understanding and exploiting the unique characteristics of spider silk, specifically dragline silk from Nephila clavipes (golden orb-web spider) and variants thereof. Such fibers possess unique mechanical properties in terms of strength, resilience and flexibility. Natural spider silk and other high strength natural proteins are made of repeating blocks of simple amino- acids. Through the process of genetic engineering we customize these proteins to generate materials with tailored physical properties.
The Company has established relationships with key market leaders in several end markets and is working to establish exclusive development and sales agreements. For example, the Company has signed a non-binding, *MOU with Polartec, LLC, a leader in high performance non-woven fabrics to develop applications for defensive and protective textiles.
Polartec has announced a commitment to using 100% biodegradable and recycled materials throughout its product line, and we believe that our engineered silk can contribute to Polartec’s announced goal of fully recycled and biodegradable fleece, knits, fills, and fabric.
Additionally, we maintained a contract with the U.S. Army to develop and deliver samples of its recombinant spider silk materials for evaluation between 2016 and 2018, and we recognized approximately $530,796 in revenue under this contract. The Company is currently in discussions with additional end market product manufactures.
Page 5 Form 10-K
*MOU In Private Enterprise
In business, an MoU is typically a legally non-binding agreement between two (or more) parties, that outlines terms and details of a mutual understanding or agreement, noting each party's requirements and responsibilities -- but without establishing a formal, legally enforceable contract (though an MoU is often a first step towards the development of a formal contract).
TRUTH
I've never claimed to have all the answers but feel i'm beginning to corner the market in questions worthy of them.
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