Volt Carbon Technologies Inc (TORVF)

[surfkast]

UPDATE

1. Solid State Lithium Battery Tech that is currently going through cycle-tests.

The Company is pleased to announce the Company’s battery plant located in Guelph, Ontario has commenced production of prototype batteries. The initial production run of these pouch cells will be used for testing to attempt to validate Solid Ultrabattery’s technology

2. The Graphite Air Qualifier that can be installed at the mining sites and will save tons of money.

How many have they produced? One?

it has opened a 2200 sq ft Product Development Facility. As the facility has a small footprint of only 2200 sq ft, it is considered a “microfactory”. The company views this facility as a small factory for producing small batch runs of graphite flakes intended to test out and optimize the Company’s proprietary techniques.

3. They have Graphite and Rare Earth mines......and just got some more Graphite mines.

How many are operational? NONE

From their filings.

The Company is in the process of developing mineral properties and developing battery
technology through its wholly-owned subsidiary Solid Ultrabattery Inc. The Company also
generates incidental revenue by processing raw materials through its mill.
To date, the Company has not earned significant revenues and is considered to be in the
exploration stage of mining and development stage for developing the battery technology.

As at July 31, 2022, the Company has incurred a loss from operations of $2,127,717, has a
working capital deficit of $932,982, negative cash flow from operations of $1,642,439 and an
accumulated deficit of $27,705,393. As the Company currently has no significant revenue
generating activity, it is dependent upon obtaining additional equity and debt financing to
fund its research activities and continue as a going concern. During the period, the Company
raised proceeds of $2,500,000 through the issuance of shares through private placement,
$100,000 from the exercise of stock options, $159,188 from the exercise of warrants and
proceeds of $480,000 from debt financing.

20. CONTINGENCY
The Company has been named as a defendant in a statement of claim filed on January 5, 2021
in the Province of Ontario. The plaintiff is seeking $814,820 for unpaid compensation, and
$1,000,000 for wrongful termination and damages. The unaudited condensed consolidated
interim financial statements include a provision for unpaid compensation of $241,820.
Management has filed a statement of defense and counterclaim. The counterclaim against the
plaintiff and other non-arm’s length parties seeks damages up to $3 million, plus further
amounts which will be particularized prior to trial. The parties are in the process of exchanging
affidavits of documents. Examinations for discovery have yet to be scheduled because the
plaintiff is in the process of retaining new counsel. As the outcome of this lawsuit and any
liability to the Company cannot be reasonably determined at this time, no additional provisions
have been made in the unaudited condensed consolidated interim financial statements.

https://www.otcmarkets.com/otcapi/company/financial-report/348074/content