Per the agreement for shared technology, Sunovia has to pay so much each month, then 2 months, then quarter.
I believe that since SUNV doesn't have the cash to cover such transactions, they are paying in stock.
I also believe that is why SUNV shares are always sliding back at the time being.
They had alot of front loaded payments, but that decreases quite a bit next year.
EIPR also bought a ton of shares recently too.
NOTE G - INVESTMENT IN EPIR TECHNOLOGIES, INC. (CONTINUED)
December 1, 2009 payment, the Company issued 23,900,000 shares of common stock at $.05 per share to EPIR and select EPIR employees. A total of $1,195,000 was remitted to the Company. These funds were then remitted to EPIR and $1,000,000 was accounted for as the December 1, 2009 payment from the Company and $195,000 was considered a prepayment for the March 1, 2010 payment and is included in prepaid expenses. Payments as shown on the following schedule through December 1, 2009 have been made by the Company.
The Agreement calls for the Company to make to EPIR the non-refundable payments set forth below:
Payment Amount Payment to be received by
$ 1,700,000 November 30, 2007
1,000,000 February 1, 2008
1,000,000 April 1, 2008
1,000,000 October 1, 2008
1,000,000 December 1, 2008
1,000,000 March 1, 2009
1,000,000 June 1, 2009
1,000,000 August 1, 2009
1,000,000 October 1, 2009
1,000,000 December 1, 2009
1,000,000 March 1, 2010
1,000,000 June 1, 2010
1,000,000 August 1, 2010
1,000,000 October 1, 2010
1,000,000 December 1, 2010
500,000 April 1, 2011
500,000 October 1, 2011
500,000 April 1, 2012
500,000 October 1, 2012
500,000 April 1, 2013
500,000 October 1, 2013
500,000 April 1, 2014
500,000 October 1, 2014
500,000 April 1, 2015
500,000 October 1, 2015
500,000 April 1, 2016
500,000 October 1, 2016
500,000 April 1, 2017
500,000 October 1, 2017
500,000 March 1, 2018
500,000 October 1, 2018
$ 23,700,000
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