World Surveillance Group Inc (fka WSGI)

[WarpCore61]

It appears the BiB contract delivery schedule has been delayed to end of April. I noted this statement on the last page of the filing, and the 8-K stating the initial delivery schedule as end of March has been removed from the SEC/EDGAR web site.

NOTE 17. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date. The following material subsequent events were as follows:

On January 17, 2013, Global Telesat Corp. (“GTC”) was awarded a $605,000 contract from the United States Department of Defense for a set of Blimp in a Box (“BiB”) aerostat systems. The contract award includes on-location support for technical fact gathering, installation and training for the BiB systems. Delivery, installation and on-site training of the initial BiB systems, spares and payloads are scheduled to be completed by the end of April 2013.

It's my guess the delay is related to lack of funds. Payment for the existing contract would certainly help, and with a larger BiB follow-up contract, it should be easier to find another source of funding going forward with a new contract in hand, and say goodbye forever to La Jolla Cove Investors. Too bad the company couldn't find an investment group with just a tiny bit of vision, where they'd support the company and actually try to help them succeed, instead of what they've done and are still trying to do.

I've gotta hand it to Coastie on this one. He predicted La Jolla Cove's destructive behavior from the beginning.