Schedule of milestones...
...from a post by Ted on a less credible board:
The Final Approval was signed in January 2018. That's the date the ball started rolling. (notation added by P19 )
Updated India timeline based on 4th quarter construction completion (assumed 11/19/19, 5 months past original 7/19/19 date).
Initial production moves to Q1 2020 and first royalty payment to 2Q.
TIME LINE:
3/19/19
Within 120 days of execution of this agreement licensee will provide proof that construction on the facility has commenced. [Milestone]
3/19/19
Initial construction has begun with the foundation test pilings now being completed and non-destructive testing now underway. [PR]
3/19/19
Within no later than 120 days of execution of this agreement licensee will place purchase orders and pay deposits on the purchase of the initial lab equipment to include but not be limited to the Schlenk lines, Micro reactors and support equipment. [Milestone]
Reactor purchase order was not placed and deposits not paid by 3/19/19.
3/19/19
“Now that we have received this initial funding the next step is providing two large scale quantum dot reactors to establish QD production at the India facility to support the solar cell print line which we expect to receive a purchase order for this equipment in the next few weeks along with an 80% upfront payment.” [PR]
3/19/19
The initially proposed 12,000 square foot facility has been expanded to cover 120,000 square feet and is anticipated to be completed in the fourth calendar quarter of 2019 (assume 11/19/19—5 month/150 day delay from original 6/19/19 date). [PR]
4/05/19
Expected payment of remaining $500K Licensing Fee. [Assumed based on “in process”]
4/19/19
Expected order placement and deposit payment. [Assumed based on “a few weeks”]
5/15/19
3Q 10-Q due.
11/19/19
Within 360 days (210+150) of execution of this agreement licensee will provide proof that construction on the facility has been completed. [adjusted Milestone]
12/19/19
Equipment delivered (assumed target date to support commencement of QD production by 2/19/20).
Licensor is obligated to timely ship production and process equipment and to insure all equipment is of the latest generation. Licensor will make all shipments expeditiously and any shipments that are delayed beyond the initial target date and effect the licensee milestone dates will automatically add 15 days to the licensee milestone dates referenced above. [Milestone]
2/19/20
Within 450 (300+150) days of execution of this agreement licensee will provide proof that quantum dot production has commenced at the Assam facility. [adjusted Milestone]
3/31/20
With regard to royalties, assume royalty revenues from the Assam operations will commence during the first calendar quarter of 2020 based on commencement of production in first quarter.
4/10/20
Royalty payment on QD production (Payment Timing. The Royalty shall be paid quarterly (the “Royalty Period”), within ten (10) days after the end of the relevant calendar quarter for which royalties are due.) [License Agreement]
5/19/20
Licensor is obligated to continual to improve and optimize their patented quantum dot solar cell technology and to achieve a peak solar cell conversion efficiency of 15% on or before the 18th month following execution of this agreement. If licensor does not achieve this target performance within this time frame the licensee will deduct and accrue 10% from the total amount of royalties owing until such time the target performance is achieved. Once the target is achieved the accrued royalties will be paid to licensor. [Milestone]
1/15/21
First Annual Minimum royalty = $[**Confidential Treatment Requested] [License Agreement]
5/19/21
Within 30 months of execution of this agreement licensee will provide proof that solar cell production has been established. [Milestone]
11/19/21
(a) Training. For a period of 36 (months) following the Effective Date, the Licensor shall provide training to the Licensee’s employees and contractors in connection with the manufacturing of the Licensed Products, as the mutually agreed by the Parties, as mutually agreed between the Parties. The fees for such consulting services will be billed at the Licensor’s then-prevailing hourly rates for such services. [License Agreement]
11/19/23
(ii) Other Consulting. For a period of 5 years following the Effective Date, the Licensor agrees to provide consulting services for the implementation and operation of the items set forth in Section 4.2 and the Manufacturing of Licensed Products, as mutually agreed between the Parties. The fees for such consulting services will be billed at the Licensor’s then-prevailing hourly rates for such services. [License Agreement]
1/15/25
Last Annual Minimum royalty = $[**Confidential Treatment Requested] [License Agreement]
1/15/26
Annual Minimum royalty = None
Since robust sales are anticipated from 2025 forward annual minimum royalties will likely no longer be relevant. [License Agreement]
...from a post by Ted on a less credible board:
The Final Approval was signed in January 2018. That's the date the ball started rolling. (notation added by P19 )
Updated India timeline based on 4th quarter construction completion (assumed 11/19/19, 5 months past original 7/19/19 date).
Initial production moves to Q1 2020 and first royalty payment to 2Q.
TIME LINE:
3/19/19
Within 120 days of execution of this agreement licensee will provide proof that construction on the facility has commenced. [Milestone]
3/19/19
Initial construction has begun with the foundation test pilings now being completed and non-destructive testing now underway. [PR]
3/19/19
Within no later than 120 days of execution of this agreement licensee will place purchase orders and pay deposits on the purchase of the initial lab equipment to include but not be limited to the Schlenk lines, Micro reactors and support equipment. [Milestone]
Reactor purchase order was not placed and deposits not paid by 3/19/19.
3/19/19
“Now that we have received this initial funding the next step is providing two large scale quantum dot reactors to establish QD production at the India facility to support the solar cell print line which we expect to receive a purchase order for this equipment in the next few weeks along with an 80% upfront payment.” [PR]
3/19/19
The initially proposed 12,000 square foot facility has been expanded to cover 120,000 square feet and is anticipated to be completed in the fourth calendar quarter of 2019 (assume 11/19/19—5 month/150 day delay from original 6/19/19 date). [PR]
4/05/19
Expected payment of remaining $500K Licensing Fee. [Assumed based on “in process”]
4/19/19
Expected order placement and deposit payment. [Assumed based on “a few weeks”]
5/15/19
3Q 10-Q due.
11/19/19
Within 360 days (210+150) of execution of this agreement licensee will provide proof that construction on the facility has been completed. [adjusted Milestone]
12/19/19
Equipment delivered (assumed target date to support commencement of QD production by 2/19/20).
Licensor is obligated to timely ship production and process equipment and to insure all equipment is of the latest generation. Licensor will make all shipments expeditiously and any shipments that are delayed beyond the initial target date and effect the licensee milestone dates will automatically add 15 days to the licensee milestone dates referenced above. [Milestone]
2/19/20
Within 450 (300+150) days of execution of this agreement licensee will provide proof that quantum dot production has commenced at the Assam facility. [adjusted Milestone]
3/31/20
With regard to royalties, assume royalty revenues from the Assam operations will commence during the first calendar quarter of 2020 based on commencement of production in first quarter.
4/10/20
Royalty payment on QD production (Payment Timing. The Royalty shall be paid quarterly (the “Royalty Period”), within ten (10) days after the end of the relevant calendar quarter for which royalties are due.) [License Agreement]
5/19/20
Licensor is obligated to continual to improve and optimize their patented quantum dot solar cell technology and to achieve a peak solar cell conversion efficiency of 15% on or before the 18th month following execution of this agreement. If licensor does not achieve this target performance within this time frame the licensee will deduct and accrue 10% from the total amount of royalties owing until such time the target performance is achieved. Once the target is achieved the accrued royalties will be paid to licensor. [Milestone]
1/15/21
First Annual Minimum royalty = $[**Confidential Treatment Requested] [License Agreement]
5/19/21
Within 30 months of execution of this agreement licensee will provide proof that solar cell production has been established. [Milestone]
11/19/21
(a) Training. For a period of 36 (months) following the Effective Date, the Licensor shall provide training to the Licensee’s employees and contractors in connection with the manufacturing of the Licensed Products, as the mutually agreed by the Parties, as mutually agreed between the Parties. The fees for such consulting services will be billed at the Licensor’s then-prevailing hourly rates for such services. [License Agreement]
11/19/23
(ii) Other Consulting. For a period of 5 years following the Effective Date, the Licensor agrees to provide consulting services for the implementation and operation of the items set forth in Section 4.2 and the Manufacturing of Licensed Products, as mutually agreed between the Parties. The fees for such consulting services will be billed at the Licensor’s then-prevailing hourly rates for such services. [License Agreement]
1/15/25
Last Annual Minimum royalty = $[**Confidential Treatment Requested] [License Agreement]
1/15/26
Annual Minimum royalty = None
Since robust sales are anticipated from 2025 forward annual minimum royalties will likely no longer be relevant. [License Agreement]
