Quantum Materials Corp. (fka QTMM)

[TedJ]

"As of December 31, 2019 and June 30, 2019, contract liabilities were $1,197,973 and $500,000, respectively."

ARTICLE IV
FINANCIAL TERMS
Section 4.1 Upfront Fee. The Licensee shall pay the Licensor an upfront payment of $500,000.00 within [30] business days after the Effective Date and an additional $500,000.00 within 60 days after the effective date .

Jan 2019 Shareholder Update:

In terms of direct funding to the Company, on December 29, 2018 the Company received a letter from the managing director of the Assam Electronics Development Corporation LTD confirming that the $1M USD upfront license fee would be paid to the Company on or before January 31, 2019. The Company has recently been provided additional validation that the governmental transfer approval was complete and that funds should be received by the Company on or before February 20, 2019.

7/23/19 PR - India Update

Regarding specialized quantum dot production equipment for this project, construction of two high volume quantum dot production systems valued at $1M has now been completed. These units are now in transit for delivery to the new quantum dot production facility in Assam, India. The shipment of these two units clears the payment obligation for the first $700,000 of the sale amount which is being satisfied by a Letter of Credit established by ASSAM ELECTRONIC DEVELOPMENT CORPORATION LIMITED (Amtron) to fund this project. Once the equipment has been installed an additional $150,000 will be eligible for transfer to Quantum Materials Corp., with the final $150,000 eligible for payment to Quantum Materials once the units have been certified for production at the facility. Quantum Material's has also received orders for additional quantum dot process equipment totaling roughly $500K. That equipment order is scheduled for delivery during the 4th quarter of this year.

Looks like they were short $500,000 in payments on Dec. 31, 2019.