During the nine months ended September 30, 2013 three customers each provided over 10% of our revenue; during the nine months ended September 30, 2012, three customers each provided over 10% of our revenue. As we expect a number of our customers to commence corn oil production in coming months and additional royalty agreements to be signed, we do not anticipate that any of the customers that have been significant to date will continue to represent a significant portion of our revenue in the next fiscal year. Currently, however, our ability to maintain revenue levels depends on continuing relations with a small number of significant customers.
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During 2013 and 2012, some of our license agreements provided for royalties in the form of a discounted corn oil purchase price.
Revenues for the three months ended September 30, 2013 were $4.1 million
Costs of revenues for the three months ended September 30, 2013 were $1.8 million
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On November 12, 2013, the Company and YA Global Investments, L.P., entered into an amended forbearance agreement pursuant to which the maturity date of the Company's outstanding debt to YA Global and its assignees (see Note 9, Debt Obligations, above) was extended to December 31, 2014.
The amendment further provided for a mandatory prepayment of $500,000 on or before December 15, 2013, cash payments by the Company of $250,000 per month for the first six months of 2014, $300,000 per month for the second six months of 2014 and the reimbursement of certain legal costs and expenses. The Company will also be required to pay an amount equal to twenty percent (20%) of all gross proceeds received from any defendant in any patent infringement litigation, whether now existing or hereafter arising, within one (1) Business Day of receipt.
See Here
+4 million cash
SkunK
Everyone does understand that there is now no possibility of the common shareholders participating in sharing the tremendous amount of money to be coming from this litigation, albeit in the distant future – despite our paying $120,000,000 to keep this afloat over the years. There is no percentage that is not committed. Everyone does understand that GERS has given up trying to find alternative financing. They have committed to paying the 20% (in addition to the terms and balance of the loan), even if new financing was found, which they would not do if they believed new financing was possible. Everyone understands, that it was new financing, and new financing alone that could rescue our plight in the near future, and that has now been confirmed to be a nonstarter. So what is there in the short or long term that would invite new money to counter the inevitable impact of continued dilution on the PPS and resulting R/S -- NOTHING!!! Further, what will prevent YAGI next year from extorting more money from us? NOTHING!!! As I have stated many time until we got out from under YAGI we were at risk for this type exploitation, and now we find that we have no possibility of such an escape. Good night GERS' "investors"/gamblers; vision of sugar-plums are ours no more.
ReplyDelete"Everyone does understand"
ReplyDeleteIf you have a point, make it. Don't pretend you are standing in front of a mob.
Au contraire, there is a mob out there involved with this, it is "The Mob", in my not so humble opinion.
ReplyDeleteAnd you are standing in front as its leader?
ReplyDeleteIt is true...common shares cash have been used to pay for the legal case...that will NOT be shared w common holders...that will be insiders pay day...common is a looser
ReplyDeleteGame over for GERS investors. You've been had. Typical YAGI.
ReplyDeleteAnonymous techguess
ReplyDeleteand/or
Nobody
make a logical argument. Don't paint with a broad brush.
What specifically makes you draw your conclusions to the exclusion of any other?
WTF? You can't read and interpret?
ReplyDeleteYagi gets 20% and is gone? sweet deal. no wonder Ed was promoted
ReplyDeleteYou can't read and interpret?
ReplyDeleteI can. That's why I asked for a logical argument. Still asking.