pmunch
15 years ago
Stockholders’ Equity
Common stock, $0.0001 par value, 500,000,000 shares authorized,
65,893,144 and 58,528,285 shares issued and outstanding
Weighted Average Number of Common Shares Outstanding - Basic and Diluted
64,858,329
Read more: http://www.faqs.org/sec-filings/091123/IX-ENERGY-HOLDINGS-INC_10-Q/#ixzz0eZt8siYZ
On March 25, 2009, the Company incorporated IX Geo, LLC (“IX Geo”) under the laws of Delaware as a wholly owned subsidiary of IX Energy.
On March 25, 2009, the Company formed IX Legatus6, LLC under the laws of Delaware as a wholly owned subsidiary of IX Energy. On July 21, 2009, the Company changed the name of IX Legatus6, LLC to IX Energy Solutions, LLC (“IX Solutions”).
IX Solutions became operational on August 26, 2009. Under the terms of the Joint Venture agreement (“JV”), the company contributed $5,000 in cash; however, Rooftop Energy, Inc. (“RTI”) has yet to contribute their $5,000. During 2009, the Company advanced $12,238 for expenses that benefit the JV. The JV has no current operations as of September 30, 2009. The Company and RTI are intending to establish a relationship whereby the Company can provide consulting services related to manufacture and installation of rooftop energy systems.
In September 2008, the Company entered into an agreement with Federal Prison Industries, Inc. ("UNICOR"), under which UNICOR provided the labor for assembly and production of solar panels to the Company, and the Company sold the solar panels to Federal, civilian and military government customers of both the Company and this customer. The agreement has a term of five years.
Under the UNICOR contract, the Company is obligated to perform sales under two separate sales and marketing programs:
? IX shall actively market to and solicit customers, prepare customer proposals and aid customers in obtaining project financing while UNICOR assembles and produces solar panels, fabricates and assembles the product. Pricing is $0.55 per watt for panel fabrication plus the price of photovoltaic cells that will be added to the price per unit.
? IX may act as a sales agent for UNICOR. UNICOR may identify potential customers and refer them to IX. In this program, IX and UNICOR may work together to prepare customer proposals and to aid customers in obtaining project financing. Since UNICOR will sell directly to customers in this program, pricing is such that UNICOR will pay a service fee of 25% of the net earnings on the project to IX when payment is received from customers.
In September 2008, the Company received $6,800,000 from UNICOR for the supply of solar cells. This amount was initially recorded as deferred revenue. Shipment of these solar cells began in October 2008. For the nine months ended September 30, 2009 and 2008, the Company has recognized revenue based on completion of shipments under this agreement of $1,796,238 and $0, respectively.
In September 2008, the Company entered into an agreement, under which a supplier provides the labor for the assembly and production of solar panels to the Company, and the Company sells the solar panels to a third party. The agreement has a term of one year. In July and September 2008, the Company received $1,897,335 from this customer for the shipment of solar panels. This amount was initially recorded as deferred revenue. For the nine months ended September 30, 2009 and 2008, the Company recognized $0 and $0 of revenue, respectively
Note 5 Affiliate Charge to Equity
For the nine months ended September 30, 2009, a Company related to the Company’s Chief Executive Officer collected certain funds on contracts entered into by the Company. The affiliated entity did not have the ability to repay these funds that the Company was entitled to. As a result, the Company recorded a charge to additional paid in capital of $42,823 to reflect the uncollectible receivable from this related party.
Read more: http://www.faqs.org/sec-filings/091123/IX-ENERGY-HOLDINGS-INC_10-Q/#ixzz0eZu7fPbd
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