You've talked several times now in connection with the JDF transaction about the registration statement having to be filed within 60 days from the closing date. The registration statement's already been filed -- on 7/23. The more important number is 120, i.e., the number of days SWET has to cause the registration statement to be declared effective by the SEC from the closing date which was 6/9. That would be 10/9 I believe.
And you're right, under the purchase agreement, JDF agreed to fund the second tranche of the note consisting of a $300K cash payment within 15 business days of the effectiveness of the registration statement. So, unlike Nat Standard, which isn't obligated to give any $ to SWET regardless of what it manages to accomplish, JDF is obligated to pay $300K if SWET can satisfy the registration condition.
SWET's subject to liquidated damages if the 120 day registration obligation is not satisfied. Tick tock.
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