I am unconcerned with the liabilities incurred from the issuance of warrants in lieu of payments. On the contrary, it is encouraging to know so many are willing to take "Future Paper" which will mean nothing unless NENE follows through with the commercial development of their technology.
As highlighted in the excerpt below, the number of patents associated with NENE is pretty staggering. If they can ever attain commercial development, those patents will create quite a large moat around the company.
Excerpt from 10Q
Overview
We are a development stage renewable and alternative energy company developing two (2) sustainable electricity generating systems. These novel technologies are branded as SolarWindow™ and MotionPower™. Our proprietary, patent-pending technologies are collectively the subject of one hundred and one (101) patent filings. Our SolarWindow™ technology provides the ability to harvest light energy from the sun and artificial sources and generate electricity from a see-through, semi-transparent, coating of organic photovoltaic (“OPV”) solar cells applied to glass and flexible plastic surfaces. Our SolarWindow™ technology is the subject of forty-two (42) patent filings. Our MotionPower™ technology harvests “kinetic” or “motion” energy from vehicles when they slow down and converts kinetic energy into electricity. Our MotionPower™ technology is the subject of fifty-nine (59) patent filings.
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We do not currently have any commercial products and there is no assurance that we will successfully be able to design, develop, manufacture, or sell any commercial products in the future.
Our product development programs involve ongoing research and development efforts, and the commitment of significant resources to support the extensive invention, design, engineering, testing, prototyping, and intellectual property initiatives carried-out by our contract engineers, scientists, and consultants.
Ultimately, we plan to market any SolarWindow™ technology and/or MotionPower™ technology products through co-marketing, co-promotion, licensing and distribution arrangements with third party collaborators. We believe that this approach could provide immediate access to distribution channels developed by the collaborators, therefore potentially increasing market penetration and commercial acceptance of our products and enabling us to avoid expending significant funds for development of a large sales and marketing organization.
We cannot accurately predict the amount of funding or the time required to successfully commercialize either the SolarWindow™ technology or the MotionPower™ technology. The actual cost and time required to commercialize these technologies may vary significantly depending on, among other things, the results of our research and development efforts, the cost of developing, acquiring, or licensing various enabling technologies, changes in the focus and direction of our research and development programs, competitive and technological advances, the cost of filing, prosecuting, defending and enforcing claims with respect to patents, the regulatory approval process and manufacturing, marketing and other costs associated with commercialization of these technologies. Because of this uncertainty, even if financing is available to us, we may secure insufficient funding to effectuate our business plan.
As of May 31, 2014, we had an accumulated deficit of $19,454,756 and working capital of $1,246,358. We intend to finance our operations primarily through our existing cash and possible future financing transactions. As of May 31, 2014, we had cash and cash equivalents of $1,364,454. Based upon our current and near term anticipated level of operations and expenditures, the Company believes that cash on hand should be sufficient to enable us to continue operations into our fiscal year ending August 31, 2015.
Research and Related Agreement
We are a party to certain agreements related to the development of our SolarWindow™ technology and our MotionPower™ technology.
SolarWindow™ Technology
Stevenson-Wydler Cooperative Research and Development Agreement with the Alliance for Sustainable Energy
In efforts to advance the commercial development of the SolarWindow™ technology, on March 18, 2011, we entered into a Cooperative Research and Development Agreement (the “CRADA”) with Alliance for Sustainable Energy, LLC (“Alliance”), the operator of the National Renewable Energy Laboratory (“NREL”) under its U.S. Department of Energy contract. Under terms of the CRADA, NREL researchers will make use of our exclusive intellectual property (“IP”), newly developed IP, and possibly NREL’s background IP in order to work towards specific product development goals. Under the terms of the CRADA, we agreed to reimburse Alliance for filing fees associated with all documented, out-of-pocket costs directly related to patent application preparation and filings, and maintenance of the patent applications.
On January 16, 2013, we entered into a modification to the CRADA for the purpose of extending the date pursuant to which NREL’s researchers will make use of our exclusive IP and NREL’s background IP. As part of the extension, we advanced $150,000 to Alliance as a retainer, which will be used once the development goals are met. Until such time, however, Alliance bills us monthly for R&D related costs as they are incurred.
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On March 6, 2013, we entered into Phase II of our CRADA with Alliance, during which researchers will additionally work towards:
· Further improving SolarWindow™ efficiency and transparency; · Optimizing electrical power (current and voltage) output; · Optimizing the application of the active layer coatings which make it possible for SolarWindow™ to generate electricity on glass surfaces; · Developing improved electricity-generating coatings by enhancing performance, processing, reliability, and durability; · Optimizing SolarWindow™ performance on flexible substrates; and · Developing high speed and large area roll-to-roll (R2R) and sheet-to-sheet (S2S) coating methods required for commercial-scale building integrated photovoltaic (BIPV) and building applied photovoltaic (BAPV) applications, and windows.
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