Dr. Phil, Quanstar was paid pretty well to close that one contract for $1.00. Now Quanstar is no longer under contract, what's up with that? Do you know what "disruptive technology" does not move at a snails pace?
Below are Integral`s comments in their last 10Q.
"The primary expenses during the quarter were salaries and benefits
($135,155) and consulting fees ($159,997). Consulting fees consist primarily
of: $45,000 cash paid to QuanStar; a $67,500 non-cash expense for shares
previously issued to QuanStar (described below); and $30,000 cash paid to The
Investor Relations Group, Inc."
"As further described in our annual report on Form 10-KSB for the year ended
June 30, 2005, in June 2005 we engaged QuanStar as an advisor to render
strategic and consulting services to us, primarily in connection with the
expected high growth worldwide commercialization of our ElectriPlast technology.
Pursuant to our agreement, during the quarter we paid to QuanStar a monthly
retainer of $15,000. We had also issued 500,000 shares of restricted common
stock (a non-cash expense) to QuanStar in June 2005. The shares were recorded
at a value of $270,000 (representing the market value of the shares on the date
of issuance) and are being expensed over a 12 month period at a rate of $22,500
per month, with $7,500 being expensed in fiscal 2005. During the quarter ended
March 31, 2006, $67,500 (of the $270,000) was expensed. At March 31, 2006,
$60,000 (of the $270,000) is included in Prepaid Expenses."
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