Valuable Rice patent licence maybe up for grabs?
I have holdings in Natcore, and am wondering if anyone here has contacts with the firm. My research has noticed that Quantum Materials Inc, (Solterrra Renewable Technologies) may be about to default on their licence to use the Rice patent covering the mass production of nano particles, which are essential to develop the full potential of Natcore's technology.
The QM licence with Rice specifies that there be a "plant" in place by June 30 2010 producing I kg of nano particles. However in their most recent SEC filing QM states the following:
"At March 31, 2010, the Company had not yet achieved profitable operations, has accumulated losses of $5,449,952 since its inception, at March 31, 2010, has a working capital deficit of $2,293,702 and current assets of $8,557. The Company needs substantial and immediate financing to sustain operations and to meet its obligations over the next twelve months, as it expects to incur further losses in the development of its business, all of which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company is exploring all avenues of financing at this time and can provide no assurances that such financing will be obtained on terms satisfactory to the Company, if at all.
Note 3. Related party transactions
During the nine months ended March 31, 2010, the Company accrued $90,000 which was expensed but not paid for services to the CEO / major shareholder. During the nine months ended March 31, 2010 the Company recorded $8,292 of rent expense for the use of executive office space in the home of the CEO / major shareholder.
Included in accrued liabilities – related party of $554,390 is $120,000 due to Mr. Stephen Squires, the CEO / director of the Company, for unpaid wages. The remainder of the accrued liabilities – related party of $434,390 consists of unpaid wages to other officers and related parties of the Company. At June 30, 2009 there was $40,368 due the director of the Company and $122,319 due the officers of the Company.
Included in advances - related party of $108,098 is $102,552 cash advances due to Mr. Squires and $5,546 unpaid expenses due to other officers and related parties of the Company.
On January 20, 2010, the Board recognized that Mr. Stephen Squires has made loans to the Company and may make additional loans to the Company. The Board approved granting Mr. Squires a two-year option to convert up to $200,000 of cash advances into a maximum of 5% of the outstanding common stock of Solterra currently 100% owned by the Company."
...which begs the question of whether QM can meet it's licensing requirement.
Perhaps Natcore could make a few calls to Rice and get the inside track on aquiring this patent should QM not deliver?
AI
