Quantum Materials Corp published a ‘shareholder update‘ that highlighted progress that the company has made in developing its QD on LED technology (QMC Claims no Detioration in 1000 Hrs in QD LED Design) but also confirmed that the company is continuing to cut costs and it said that 68% of its payables are legal service fees. The company said that it has managed to get funds to stay in development, but does not have longer term finance in place. (GTG and QMA Report 150 Million RMB Investment) The update said:
“We have not yet been able to secure the funds necessary to return the company to a point of long term equilibrium. We are currently negotiating with a high profile technology investment group for a potential equity investment and we have signed an LOI with another strategic funding group”.
The company is finding it slow going to get its materials qualified and approved for use in films and said that this has been a reason for the delay in its progress. The company has also been late in filing a 10K form and the reasons for that are set out in the document.
Analyst Comment
This kind of document is unusual, but so is appointing and losing most of a board of directors in a few month. It’s not surprising that reverberations continue! (BR) (QMC Sees Boardroom Shift)
