TROUBLE IN TAO LAND?
There are several reasons to question the current status of Sanswire's relationship with TAO:
1. Sanswire is way behind on their payments for the licensing deal. (they still owe $2,185,000 of the stated $3,229,000 with no payments being made since 2008.)
2. The "In association with Sanswire" has mysteriously disappeared from the TAO Technologies gmbh website which has recently been updated.
3. The return of the SkySat to the US from the TAO facilities .
4. The 2nd quarter STS-111 demonstration in Orlando appears to be cancelled.
5. The Company had previously stiffed TAO for their work with the Company in 2005.
"The agreement required TAO Technologies and Kroplin to transfer the patents and intellectual property of TAO Technologies and Kroplin in the United States to Sanswire-TAO for a payment of $3,229,000. "
"The Company has made cash and stock payments of $1,044,000 through March 31, 2010 and the remaining balance of $2,185,000 due for the investment is included in accrued expenses as of March 31, 2010 and December 31, 2009. "
"On June 3, 2008, the Company reclassified the transaction as the purchase of assets and recognized a $3,229,000 Intangible Asset related to the intellectual property, including existing patent. The $391,000 paid during 2007 was applied as payment towards the investment. During 2008, the Company paid an additional $653,000 for the investment, made up of $385,000 in cash and the issuance of 2,680,000 shares of the Company’s common stock valued at $268,000. After application of the 2007 deposit of $391,000 and the 2008 payments of $653,000, the balance of $2,185,000 due for the investment is included in accrued expenses as of December 31, 2009 (see Note 6)."
INTERESTING STUFF FROM COASTIE
