spoke - this may help you. it's from the 2002 annual report. zaig got the vast majority of monies paid to adaptive in the form of stock. if i recall that stock has been converted and that's how zaig ended up with a percentage of the company.
i think it's also important to keep in mind that NVEI really hasn't spent that much money on tech development over the past year or so. so if your premise of NVEI funding the finishing of the powerstream technology is true they've done it on a shoe string budget.
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In April 2002, we entered into a license and development agreement with
Adaptive Networks, Inc. which included development services relating to our
FPGA-based prototype. We agreed to pay Adaptive an aggregate of $1,559,000 for
these services. As of October 31, 2002, the remaining balance due to Adaptive is
$734,000 under the license and development agreement.
In April 2002, in consideration of the grant of a technology license
from Adaptive Networks, Inc., we assumed certain debt obligations of Adaptive to
Zaiq Technologies, Inc. ("Zaiq"). We then issued 3,192 shares of Series B
Preferred Stock, valued at $3,192,000, with a liquidation preference of $1,000
per share, and paid $250,000 in cash to Zaiq in satisfaction of the Zaiq debt.
