MNGA - Interesting. This wouldn't surprise me, and I've been carefully considering dumping my position and just taking my loss.
What I find very interesting here is that it notes that the unused gas was returned to the vendor, and testing was stopped. That was in mid-April 2014 (see page 28-29)! That means that MagneGas has known the Navy contract was a dead deal since then, yet in their 10-Q from November 13th, the paragraph titled "Navy" says they are still awaiting response.
I have no idea what's going on, but I'm half interested in contacting the SEC in regards to their 10-Q and let them investigate. Something is very wrong here between the link you posted, and what is in the 10-Q over 6 months later. Below is the section titled "Navy" from their November 10-Q.
Navy
The U. S. Navy has been working with us to explore both the use of MagneGas? for metal working and the use of the Plasma Arc Flow system for liquid waste processing. The National Center for Manufacturing Sciences, a testing contractor for the U.S. Navy, completed testing of MagneGas? as an environmentally-friendly alternative for major metal cutting projects, particularly to reduce emissions during the breakup and recycling of retiring vessels. The final written report compared seven methods and gases for metal cutting to find the lowest opacity and showed MagneGas? as one of the only two methods with positive results. The Company has developed a gas without Carbon Monoxide to meet the Navy standards for this project. On November 1, 2013 the Navy accepted the specifications of this gas and requested onsite testing which occurred in December 2013. The Company has provided the Navy pricing on fuel and is awaiting response. Due to the slow response time, the Company has hired two independent consultants with military backgrounds to assist with the project.
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