btbulldawgs
08-27-2009, 03:58 AM
I've been watching this one for a bit. Here is there current status from their latest SEC filing. It is followed by a link to a news article yesterday about a new contract they have just entered which could provide substantial revenues. Maybe not one to buy right now, but just thought I'd make you aware of it while its cheap and has no revenue before it possibly has a big pay day in the future. Closed yesterday @ .1411. They have about 42 million shares outstanding.
Current Company Status as of SEC filing on August 10th:
"At this time, Clear Skies has no active commercial projects under construction. Our last contract was completed in December 2008, except for
several small residential projects that were ordered from us in 2007 or before and have been delayed for a variety of reasons. We had no
revenue in the first quarter of 2009, except for the sale of approximately $11,000 of excess solar panel inventory and we had no revenue in the
second quarter of 2009. It is not certain when we will begin generating revenues again. We are negotiating with several parties for the
financing and construction of a number of solar energy projects, however there can be no assurance that we will be successful in these
negotiations or that such projects would be profitable. Even if we are successful in negotiating finance and construction agreements, since we
recognize revenue under the percentage of completion method, it could be several months after signing before we begin performance and are
able to report revenue on our financial statements.
As of July 31, 2009, our available balance of cash and cash equivalents was approximately $61,000 which amount is after receipt of the
proceeds from a financing closed as of July 28, 2009 (the “July 2009 Financing”). See Note 4. Liquidity and Capital Resources and Item 2 –
Management’s Discussion – Liquidity and Capital Resources. Notwithstanding the receipt of $260,000 from the July 2009 Financing, our sale
of convertible notes in May 2009 (the “May 2009 Financing”) for gross proceeds of $400,000 and for borrowings of $282,464 in the first half
of 2009 from an unrelated third party, we will need to raise additional funds to pay outstanding vendor invoices and operating expenses. Our
future cash flows depend on our ability to enter into, and be paid under, contracts for the construction of solar energy projects and our ability to
sell our debt and equity securities on terms satisfactory to us. While management believes these can be accomplished, there can be no
assurance that we will be successful in entering into construction contracts or selling our securities, in which case we will probably not be able
to continue as a going concern."
Link to news about a new project:
http://news.moneycentral.msn.com/category/topicarticle.aspx?feed=PR&Date=20090826&ID=10323998&topic=TOPIC_SMALL_CAP&isub=2
Current Company Status as of SEC filing on August 10th:
"At this time, Clear Skies has no active commercial projects under construction. Our last contract was completed in December 2008, except for
several small residential projects that were ordered from us in 2007 or before and have been delayed for a variety of reasons. We had no
revenue in the first quarter of 2009, except for the sale of approximately $11,000 of excess solar panel inventory and we had no revenue in the
second quarter of 2009. It is not certain when we will begin generating revenues again. We are negotiating with several parties for the
financing and construction of a number of solar energy projects, however there can be no assurance that we will be successful in these
negotiations or that such projects would be profitable. Even if we are successful in negotiating finance and construction agreements, since we
recognize revenue under the percentage of completion method, it could be several months after signing before we begin performance and are
able to report revenue on our financial statements.
As of July 31, 2009, our available balance of cash and cash equivalents was approximately $61,000 which amount is after receipt of the
proceeds from a financing closed as of July 28, 2009 (the “July 2009 Financing”). See Note 4. Liquidity and Capital Resources and Item 2 –
Management’s Discussion – Liquidity and Capital Resources. Notwithstanding the receipt of $260,000 from the July 2009 Financing, our sale
of convertible notes in May 2009 (the “May 2009 Financing”) for gross proceeds of $400,000 and for borrowings of $282,464 in the first half
of 2009 from an unrelated third party, we will need to raise additional funds to pay outstanding vendor invoices and operating expenses. Our
future cash flows depend on our ability to enter into, and be paid under, contracts for the construction of solar energy projects and our ability to
sell our debt and equity securities on terms satisfactory to us. While management believes these can be accomplished, there can be no
assurance that we will be successful in entering into construction contracts or selling our securities, in which case we will probably not be able
to continue as a going concern."
Link to news about a new project:
http://news.moneycentral.msn.com/category/topicarticle.aspx?feed=PR&Date=20090826&ID=10323998&topic=TOPIC_SMALL_CAP&isub=2