Seems they are selling Voraxial components to Camaron. $1M. Some Inventory components were used/modified.?.
Wastewater order ships 2019.?.
$3M booked from SLB thru 9-30-18.?.
We have started transitioning our sales and marketing activities to markets outside of oil and gas. We received a purchase order from a utility company for a wastewater system that will require multiple Voraxial Separator units. The wastewater system we anticipate shipping by first quarter of 2019 will be utilized to separate oil and solids prior to the water being discharged into the environment. The increase in our deposits is a result of this purchase order.
In addition, at closing FPA entered into a Framework Agreement (the “Supply Agreement”) with Cameron Solutions, Inc. (“Cameron Solutions”), a Houston, Texas-based company engaged in the development, manufacture and sale of equipment used in the oil and gas industry. Under the terms of the three-year Supply Agreement, FPA is the exclusive supplier to Cameron Solutions of certain Voraxial series products for use in the oil and gas industry. The Supply Agreement is cancellable by Cameron Solutions upon 15 days’ notice if we fail to meet delivery or performance schedules or breaches any of the terms of the agreement, including the warranties. The Supply Agreement contains customary indemnification and confidentiality provisions. Although there are no assurances that we will generate substantial revenues under the Supply Agreement, we have begun receiving orders from and shipping to Cameron Solutions.
Results of Operations for the Three Months ended September 30, 2018 and 2017:
Revenue
Our revenues increased to $1,180,634 for the three months ended September 30, 2018 as compared to $2,362 for the three months ended September 30, 2017. $1,000,000 of the total revenues is a result of the multiple Voraxial units we delivered in August 2018
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