;D
Was going to post this one today. Chart speaks for itself.
Great news. >:D
http://biz.yahoo.com/iw/060530/0131946.html
A gem indeed.
http://www.otcbbcoverage.com/stockquotes.php?ticker=Nasdaq_OTCBB_NYSE_AMEX_PINK_SHEETS
Researching more and I'm a bit skeptical.
IMO, there is no way they can build the facility below for $600,000 so they are going to have issue more shares and raise more money and they will dilute themselves to hell. The information below was filed just 20 days ago and my conclusion is these guys are using "solar" and "china" together to extort your money. I could be wrong but maybe I am right so cautious investing to all, please.
Item 2. MANAGEMENT'S PLAN OF OPERATION
We have not generated any revenues from products, services or operations since the inception of our company. The foregoing analysis should be read jointly with the financial statements, related notes, and the cautionary statement regarding forward-looking statements, which appear elsewhere in this filing.
Plan of Operation for the Next Six Months
In March of 2006, the Company decided to abandon its previous business relating to residential security and alarm systems and instead decided to attempt to develop a business in the photovoltaic ("PV") or solar industry.
In May of 2006, the Company raised $1,000,000 from the sale of 1,000,000 units (the units being comprised of 1,000,000 common shares at $1.00 per share and 1,000,000 share purchase warrants exercisable for a period of one year at an exercise price of $1.60 per share (none of which have yet been exercised)) under a Regulation S offering. These funds, the Company believes, will allow it to proceed in the development of its solar business for the next six to twelve months.
The Company's priorities in developing operations are as follows:
(a) invest approximately $600,000 of the $1,000,000 proceeds of our recent sale of shares of common stock build infrastructure at our recently leased factory in Shanghai, China, including hi-voltage power supply system, hi-volume water supply system, waster-water processing system, air-conditioning system, temperature/moist control system for solar cell production workshops, and office interior remodeling.
(b) Architecture design of a solar-powered showroom on the roof of our leased factory.
(c) recruit additional personnel experienced in the solar or PV industry in the areas of research and development with the view to having research and development functions in twelve to eighteen months; and
(d) establish materials purchasing and sales distribution capabilities in California, where April Zheng and Leo Shi Young are presently resident and have begun to look at the feasibility of marketing and distributing PV products in the United States.
Our future operations are dependent upon the identification and successful completion of additional long-term or permanent equity financing, the support of creditors and shareholders, and, ultimately, the achievement of profitable operations. There can be no assurances that we will be successful, which would in turn significantly affect our ability to roll out our business plan. If not, we will likely be required to reduce operations or liquidate assets. We will continue to evaluate our projected expenditures relative to our available cash and to seek additional means of financing in order to satisfy our working capital and other cash requirements.
The following discussion of the plan of operation, financial condition, results of operations, cash flows and changes in financial position of our Company should be read in conjunction with our most recent financial statements and notes appearing elsewhere in this Form 10-QSB; and Reports on Form 8-K filed during our most recent quarter and subsequent to the period end of that quarter.
We continue to operate with very limited administrative support, and our current officers and directors continue to be responsible for many duties to preserve our working capital.
(OTC: SOEN) Market Advisors Places Intermediate Target Price of $4.37
Wednesday, June 07, 2006 07:00 ET
LAKE HARMONY, PA -- (MARKET WIRE) -- 06/07/06 -- Solar EnerTech (OTCBB: SOEN) is positioned to become a major player in the solar PV market. The company has assembled a team of world class industry experts, begun construction of a huge solar cell manufacturing and R&D facility in China, established sales and marketing operations in California and targeted markets with high demand for solar energy -- all critical milestones in its mission to become a leading provider of solar cells and applications to the global marketplace.
The company operates marketing, purchasing and distribution divisions in Southern California's Silicon Valley and has formed a strategic relationship with InfoTech Energy Efficiency, a US-based power system supply firm manufacturing components in America and exporting them to China.
For more information, go to http://www.GrowthStockAnalyst.com
looks good here could breakout tomorrow
1 hour to go ..we are at 1.75 already 8)
Good entry yesterdy at 1.22
Profile
Solar Enertech Corp.
1600 Adams Drive
Menlo Park, CA 94025
United States - Map
Phone: 650-688-5800
Web Site: http://www.solarenertech.com
DETAILS
Index Membership: N/A
Sector: Services
Industry: Business Services
Full Time Employees: NaN
BUSINESS SUMMARY
Solar Enertech Corp., a development stage company, does not have significant operations. It intends concentrate on the development of a sales network and construction of a manufacturing facility for production of solar cells to capitalize opportunities in the photovoltaic energy industry. The company, formerly known as Safer Residence Corporation, was founded in 2004 and changed its name to Solar Enertech Corp. in April 2006. Solar Enertech is based in Coquitlam, Canada.
Pure Speculation.... ;)
This may have placed a double bottom in...
52wk Range: 0.66 - 2.18
Volume: 639,896
Avg Vol (3m): 602,209
Double Bottom (Reversal)
The double bottom is a major reversal pattern that forms after an extended downtrend. As its name implies, the pattern is made up of two consecutive troughs that are roughly equal, with a moderate peak in between.
Although there can be variations, the classic double bottom usually marks an intermediate or long-term change in trend. Many potential double bottoms can form along the way down, but until key resistance is broken, a reversal cannot be confirmed.
It is important to remember that the double bottom is an intermediate to long-term reversal pattern that will not form in a few days. Even though formation in a few weeks is possible, it is preferable to have at least 4 weeks between lows. Bottoms usually take longer than tops to form and patience can often be a virtue. Give the pattern time to develop and look for the proper clues. The advance off of the first trough should be 10-20%. The second trough should form a low within 3% of the previous low and volume on the ensuing advance should increase. Volume indicators such as Chaikin Money Flow, OBV and Accumulation/Distribution can be used to look for signs of buying pressure. Just as with the double top, it is paramount to wait for the resistance breakout. The formation is not complete until the previous reaction high is taken out.
Excuse me ket1390 . :-[
I didn't see this thread you have on this pick.
I will get Ramsburgh to merge the one I started with yours. ;)
NEWS OUT >:D
Solar EnerTech Corp. Rolls Out First Solar Modules -- Launches SolarE as Brand Name
Tuesday November 28, 9:00 am ET
MENLO PARK, CA--(MARKET WIRE)--Nov 28, 2006 -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) (the Company) wishes to announce that on November 23rd, the Company achieved a significant goal as the first batch of solar modules rolled off its newly assembled production line, exactly one week earlier than its planned end-of-November product launch, announced on November 2nd.
ADVERTISEMENT
To commemorate the occasion, Management invited a group of visitors including Shanghai government officials to attend the event. Company CEO Leo Shi Young delivered a brief speech thanking all those individuals who have contributed to the launch, and further affirmed that this milestone is the direct result of months of round-the-clock effort by everyone involved, especially the technical, engineering and subcontractor teams working diligently alongside Company Management. Guests and employees cheered the long-awaited results of those efforts as Leo Young unveiled two dozen dark blue solar modules arrayed at the end of the Company's first production line. Each high conversion module represents 170 watts of quality-built solar electric power generating capability ready for delivery.
Company COO Jack Yin stated, "Each cell is carefully tested for conversion rate and durability before they are mounted to a module panel. Then testing occurs a second time by a specialized unit that automatically tests and exports product data to a software program that records, analyzes, and outputs the critical specifications of that particular module prior to packaging and shipment. Using these methods, we can confidently guarantee delivery of a high-quality product as a commitment to our customers."
During the event, it was further announced that the Company intends to market its products employing the name "SolarE" as a brand-identity for upcoming sales efforts. Before the ceremony concluded, Management also revealed it intends to ship as many as two to three containers of the product during December in anticipation of its marketing efforts and to capitalize on the growing demand for the product.
this was easy yesterday a doji; today news was kind of obvious.......otcbb live!....in with 18 000 shares at 0.71 sold 8000 already; rest for the ride.
Any thoughts on where your ride may take you?
Thanks in advance.
Quote from: wisebuys on November 28, 2006, 01:56:57 PM
Any thoughts on where your ride may take you?
Thanks in advance.
actually this ride is more a bounce...because the stock is still in downtrend....but had very good news today....next target for me is 1.00 under the green trendline i will sell another 5000 shares there. The rest i will keep if we breakout there at the down trendline.
ket
Quote from: setravis on September 26, 2006, 05:48:24 PM
Excuse me ket1390 . :-[
I didn't see this thread you have on this pick.
I will get Ramsburgh to merge the one I started with yours. ;)
Ket1390,
I got my thread merged with yours.
I came to remember this, when I saw today's volume and price action on the stock.
I will leave today's closing chart while I'm in this thread.
I have been bottomfishing here (and in DSTI also) got in at 0.775
I hope that these solar stock will see some "light" soon. Might have gotten in too early - time will tell.
turnaround time if we close over MA 50
soen looks ready for the run :o
david you covered the stock when i called it 0.80....i am glad i bought anyway.
Good call Ket. App. ;)
SOEN is behaving like something that's ready to run - in my opinion.
After hours a really good trade went tru: 220,000 at 1.032.
I bought it at $1.00 think that I'll maybe try to pick up some more tuesday...
Quote from: pompano on February 15, 2007, 07:37:08 PM
Good call Ket. App. ;)
thanks pompano did you buy at 0.85 ?
i bought in 0.85 sold all at 1.09...i think i load up at 0.96 if it gets there.
1.10 and 1.20 seems a hard resistence...once we clear this i see 2.00....
SOEN caught my eyes tonight. Pompano did you get back in at 0.96?
No, I did not but after looking at the chart, this will be a sustained run that will take it to new all time highs. Should get a pullback when it hits 1.40, I'll buy in then. With the current climate for solar, the recent deals the company inked, and the recent investment of 8 mill, all that should take the price above $2.20.
I think this will be a good long term investment, as well with most sustainable energy companies. I think sustainable energy or "green" companies could be the next big bubble in the stock market over the next 5-10 years.
I'll also be looking to buy this on a pull back, ASTI is another stock to keep an eye on it broke out big today with news of another company buying alot of shares.
No doubt fous, I posted a thread on ASTI earlier, it looks great.
1)Solar energy
2)Multimillion dollar investment from multibillion dollar corporation
3)Smoking hot chart with no overhead resistance.
The market will now decide how high to take ASTI. ;)
My God look at this chart on this thing. It went all the way down to .12. Wished I could have bought in then. :o
Quote from: lancefur on March 14, 2007, 10:31:12 PM
My God look at this chart on this thing. It went all the way down to .12. Wished I could have bought in then. :o
LOL, likely one of those dodgy small qty transactions that get processed with the decimal point moved one space i.e. 0.12 instead of $1.2. They are usually cleaned up after the fact by the broker. So, you can console yourself with the fact that there would be no way you could have bought at $0.12 ;)
Quote from: AussieTrader on March 15, 2007, 12:08:11 AM
Quote from: lancefur on March 14, 2007, 10:31:12 PM
My God look at this chart on this thing. It went all the way down to .12. Wished I could have bought in then. :o
LOL, likely one of those dodgy small qty transactions that get processed with the decimal point moved one space i.e. 0.12 instead of $1.2. They are usually cleaned up after the fact by the broker. So, you can console yourself with the fact that there would be no way you could have bought at $0.12 ;)
Well that's good. I also thought that but I feel much better now that this was an error and not an actual trade.
8)
Bought some more SOEN today at 1.34 (First was 1.00)
Can't make up my mind about CSIQ ??? ??? Does anyone here have a suggestion why it's falling like a rock?
I don't own CSIQ, just curious.
>:D >:D in @ 1.37$
cheers
Oliver
I think we need a picture.... ;D
And today's news:
http://biz.yahoo.com/iw/070326/0230650.html
Press Release Source: Solar EnerTech Corp.
Solar EnerTech Inks Sales and Distribution MOU Entering Markets in India
Monday March 26, 9:00 am ET
MENLO PARK, CA--(MARKET WIRE)--Mar 26, 2007 -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) (the "Company") wishes to announce the signing of a Memorandum of Understanding ("MOU") with Khandelwal Solar Power Limited, of Noida, India.
The Khandelwal Group, with 35 years of experience behind it, is a leading player in the semiconductor industry in India, and in collaboration with Siemens A.G. of West Germany manufactures electrical components such as silicon-controlled rectifiers, triacs, power transistors, and other related products. The company proudly possesses the largest diffusion facility for the manufacture of silicon chips in the sub continent. As semi-conductors are a key technology in the manufacture of solar photovoltaic cells and panels, the Khandelwal Group has created a new subsidiary, Khandelwal Solar Power Limited ("KSPL"), as a dedicated entity focused on penetrating the Solar marketplace as a natural diversification opportunity for the company.
The MOU agreement establishes the framework towards the formation of a strategic partnership aimed at developing product sales in India as well as opening additional markets throughout Asia. The agreement outlines a six-year plan whereby KSPL would be supplied solar materials and products alongside technical training and consultative expertise on the design and manufacture of customized solar applications.
indeed a nice picture cumulina ;D ;)
Very nice chart!
In @ 1.57 ;)
What a little super-stock!
;D ;D ;D ;D ;D ;D ;D
Ho-hum....
+16.25%
:-*
Now I have to think about a strategy... ::) Where to place a stop?
It's so easy to buy a stock, but my problem has always been: When to sell???
Sorry for the many posts, but I'm really happy with this little one!
Quote from: cumulina on March 28, 2007, 04:21:03 PM
Ho-hum....
+16.25%
:-*
Now I have to think about a strategy... ::) Where to place a stop?
It's so easy to buy a stock, but my problem has always been: When to sell???
Sorry for the many posts, but I'm really happy with this little one!
I think this gem is just starting to spark some interest over the last week and a half. And, with the frequent Press Releases this can really move and gain interest quickly. I plan to hold it for a couple weeks at least and see where this is heading.
If we look at the previous pull back on 03/16/07 it dropped .20 cents, our previous support was 1.35 (but, I do not think it'll drop this much, probably .20 cents max).
IMO, I see another 2 white candlesticks to finish the week. ;)
GLTA, again these are JMO.
Cheers,
As expected we saw the .10 cent pullback a few trading days ago, and we have continued our uptrend. We are approaching the resistance at 2.18, we could see a break out soon! Although, I do like the slow uptrend progress of the chart over the last 3 months.
I will be holding my position, I see clear blue skies ahead for this one.
Cheers,
Couldn't help it....had to take some profit!
Sorry guys, but now I have to hope for a pull-back so I can get back in again.
;D
Heh, it hit my stop at 1.87. I was not prepared for the drop this morning (it'll probably bounce right back). Oh well, nice profit for the time being. I will be looking for re-entry next week possibly. Good luck to all.
Cheers,
:D ...and I jumped in again at 1.83 :D
All the other solar-stock I'm watching are up today, except SOLF and SOEN.
Sooo...I see this as a buying opportunity.
I have been adding to my position - not in a very clever way... ::)
My average is now 1.66
There was some "news" out today - but SOEN is not reacting nicely to this.
Yet. ;D
Congo Government Trade Delegation Visits Solar EnerTech
Monday April 23, 9:00 am ET
MENLO PARK, CA--(MARKET WIRE)--Apr 23, 2007 -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) (the "Company") is pleased to announce the recent visit by an official 11-member governmental trade delegation from The Republic of Congo at the Company's solar cell plant in Shanghai with the stated intent as a purchasing mission.
Source: Solar EnerTech Corp.
The visit comes as a result of the Sino-Africa Economic Cooperation Summit held last November in Beijing, which was attended by 54 leaders from a number of African nations. Following the summit the Chinese government announced a renewable-energy aide program aimed at launching solar energy initiatives within Africa. Mme Jeanne Dambendzet, a senior Minister of the Congolese government and a proponent of alternative energy solutions for her country, led the delegation for a pre-purchase manufacturing inspection. The solar projects enjoy financial support by both the Congolese and Chinese governments with China Industrial and Agricultural Machinery Import and Export Company, a Chinese state-owned entity, acting as intermediary agent to manage the export of completed solar modules and integrated systems to the project locations in Congo.
China's interest in Africa is based on ties going back to the 1960s and 1970s. Current interests have evolved into the pursuit of trade and investment in a number of sectors including renewable energy. To facilitate this interaction, the year 2000 saw the founding of the China-Africa Cooperation Forum ("CACF") which has vigorously promoted strong trade and investment relations between China and many African countries at the level of intra-governmental, public and private sectors. The CACF has already produced two ministerial level meetings and four conferences of senior officials, contributing to the rapid growth of trade and investment within the past five years, and the China-African summit held last year marked a singular accomplishment in terms of attendance, recognition, and achievements undertaken by Forum members. Current levels of trade between China and African countries are in excess of US $32 billion and growing at an annual rate of 50 percent since 2002.
As a further initiative, the Sino-Congo Strategic Partnership was established in 2006 to expand the relationship within the areas of increased political cooperation, including commitments towards economic, cultural and health matters between the nations. The current solar program is an endeavor by Congolese officials to introduce renewable energy solutions for the nation's under-developed rural areas.
During the visit at Solar EnerTech, Company COO, S.J. Yin, provided the delegation with an overview of the solar manufacturing process after which they enjoyed a guided tour of the state-of-the-art 42,000 square foot facility. In order to appreciate the complexity of operations, the visitors were shown the systematic process of solar cell fabrication from an ultra-thin silicon wafer through to module lamination, testing, and completion as the vital primary component of a typical solar electric generating system ready for shipment worldwide.
in @ 1.41$ ;)
fyi ;)
SOEN: Short Interest UP 1304.7% to 862.7K in Apr 2007
Tuesday , April 24, 2007 18:13ET
According to new short interest data from OTCBB.com, short interest for Solar Enertech Corp (OTCBB: SOEN) INCREASED 1304.7% to 862,681 shares for the month ended mid-April, 2007.
SYMBOL MARCH APRIL CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
SOEN 61,414 862,681 +801,267 +1304.70% 2
Based on SOEN's 20-day average daily share volume of 845,600, it would require approximately 2 day(s) of buying to cover this short interest.
The people who shorted SOEN.OB might be reconsidering their positions today!
>:D
Up 15.33% today on good volume.
8)
When SOEN moves, she MOVES! >:D
Fun day.... :D
My average price is 1.3796 (From 1.38 - 1.752) so I'm all right with this.
Hello, everyone!!!
;D
News from little SOEN causing the stock to go up 8% today (so far):
April 30, 2007 - 9:00 AM EDT
close Email this News Article
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SOEN 1.74 0.12
Today 5d 1m 3m 1y 5y 10y
Solar EnerTech's Production Increases to Meet Demand
Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") is pleased to announce that during the month of April, it received six new purchase orders from Spain, Malaysia, Turkey and South Africa, as well as from domestic buyers.
The Company is accelerating its manufacturing capacity, to meet this demand by formally launching a two-shift work schedule for its 25Mw solar cell production line. The recent orders consist of 65% foreign buyers and 35% domestic buyers, and the delivery deadlines vary from as early as May through to October. These new orders coupled with existing contracts currently in production, are a major reason behind the Company's decision to adopt two-shift production scheduling slated to commence right after the Mayday holidays in China.
The pace at Solar EnerTech's manufacturing facility reflects the Company's rapid development. With automated equipment processing silicon wafers at a steady pre-programmed speed, the pace of ancillary operations has been increased: to accommodate the upturn of in-plant traffic. Overall, the rise in activity has led to staffing increases to manage logistics, including doubling the size of the examination team required for silicon wafer pre-processing as well as increases to the numbers of quality control personnel between the solar cell production line and solar modules manufacturing stage. This phase of test management encompasses 170-watt and 280-watt solar modules as they are inspected by large assimilation test equipment in order to verify each panel's output wattage. Subsequent trials for durability are completed prior to packaging and readying for shipment.
Utilizing the upcoming long weekend during China's Mayday holidays, the Company opted to hold a training camp inviting its 20 above mid-level managers to a retreat about 100 miles away from its manufacturing facility near Hang Zhou. At the camp, managers will receive complimentary medical check-ups, along with a corporate team building and management training session led by Company CEO Leo S. Young. The Company hopes to use this three-day retreat to prepare its core team for even greater challenges after the holidays.
About Solar EnerTech Corp. (OTCBB: SOEN):
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square-foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw upon completion of the second 25 Mw line which the Company anticipates will be fully-operational in the fourth quarter of this year. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
fyi:
Solar EnerTech Announces 2007 Fourth Quarter and Fiscal Year Financial Results
Friday , December 28, 2007 08:29ET
Menlo Park, Ca., Dec. 28 /Xinhua-PRNewswire/ -- - Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced results for the fourth quarter and the 2007 fiscal year.
Fourth Quarter 2007 Financial Results
For the fourth quarter ended September 30, 2007, Solar EnerTech reported total revenue of $4.1 million compared to no revenue in the same period in 2006. The Company incurred a negative gross profit of $368,000 for the quarter ended September 30, 2007.
Total operating expense, which included a $3.0 million non-cash stock compensation charge related to the hiring and retention of key executives, was $4.1 million for the quarter ended September 30, 2007. Excluding stock compensation expense, operating expense for the quarter was $1.1 million.
Net income for the fourth quarter, which included $10.4 million in non-cash gains associated with a change in fair market value of compound embedded derivative liability and change in fair market value of warrant liability, was $5.1 million. Both the compound embedded derivative and warrant liabilities were recorded in conjunction with the convertible notes transaction entered into by the Company in March 2007. Excluding these non- cash gains, the Company had a net loss of $5.3 million, or $(0.07) per diluted share.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, ''Our results for the fourth quarter met our internal plan as we continued to take the appropriate steps to ramp up production and expand capacity. During our 2007 fiscal fourth quarter, we had one production line running, while we fine-tuned our manufacturing process and made progress towards completing our second manufacturing facility. These initiatives have positioned us well for increased solar cell shipments in fiscal 2008.''
Fiscal 2007 Financial Results
For the fiscal year ended September 30, 2007, Solar EnerTech reported total revenue of $5.6 million, compared to no revenue in the 2006 fiscal year. During its initial production run, the Company incurred higher than average manufacturing costs which resulted in a negative gross profit of $361,000 for the fiscal year ended September 30, 2007. Total operating expense, which included a $9.3 million non-cash stock compensation charge, was $12.0 million for the year ended September 30, 2007. Excluding stock compensation expense, total operating expenses for the 2007 fiscal year were $2.7 million.
The Company recorded a net loss of $29.4 million, or ($0.38) per diluted share in fiscal 2007, which included $15.7 million in non-cash losses associated with the issuance of convertible notes, the change in fair market value of compound embedded derivative liability and change in fair value of the warrant liability. Excluding these non-cash charges, the Company had a net loss of $13.7 million, or $(0.18) per diluted share.
Mr. Young continued, ''We are pleased with the progress we made in our business during the course of fiscal 2007 and are proud of our accomplishments. In addition to growing our revenues, we established a joint R&D venture with Shanghai University, completed our first 25 MW solar cell production line, signed a long-term material silicon supply agreement, obtained ISO 9001 and 14001 Certifications, received IEC Certification which has facilitated our entry into the European market, added an additional 21,000 square feet of manufacturing space which will increase future module production capacity, and improved our accounting and corporate governance functions.''
Financial Outlook
Order trends for Solar EnerTech's businesses continue to track internal expectations and the Company has positive, growth-driven momentum heading into fiscal 2008. The Company's revenue outlook for the fiscal 2008 first quarter, ending December 31, 2007 is $4.7 million to $5.0 million.
''As we look to the first quarter of 2008, our business continues to be on track and we have positive, growth-driven momentum for photovoltaic cell and module sales as customer demand remains very high in Europe and is increasing in other countries around the world. We were pleased to recently announce our largest sales contract win to date to ship solar modules to one of the largest solar system integrators in Europe. We expect the majority of this $21.8 million contract to be fulfilled in our fiscal 2008 second quarter. We have completed our first production line and are currently working diligently to ensure that our second production line is up and running in the second half of calendar year 2008. The growth of the renewable energy market remains strong and we are well positioned to increase our performance with our leading solar cell products and modules,'' concluded Young.
As of September 30, 2007, the Company had $3.9 million in cash, $900,000 of accounts receivables, $6.5 million of prepayment primarily for purchase of raw materials and $5.7 million of inventories on hand. Additionally, the Company had $9.6 million of accounts payable and accrued liabilities. It also recorded $16.8 million of derivative and $17.4 million of warrant liabilities.
Fiscal 2006 Restatements
In the fiscal year ended September 30, 2006, the Company accrued $2.1 million of compensation expense for its President and a U.S. employee. The Company has the obligation to withhold tax upon exercise of stock options by U.S. employees. The withholding tax absorbed by the Company was accounted for as additional compensation expense to employees. During fiscal year 2007, the Company's management ascertained that the initial estimate on the withholding tax liability was understated by $2.3 million. As a result, the Company restated its 2006 financial statements by increasing its fiscal year 2006 compensation expense and the accrued liability balance due to related party by $2.3 million. Information related to restated 2006 financial results can be found in today's Form 8-K filing being made with the Securities Exchange Commission.
Break-out. :)
Wish I had seen this one earlier when La-onda posted quarterly results. ::)
I guess I was too busy getting ready for New Years Eve. >:D
Don't own...wish I did. ???