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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Originclear Inc (PK) | USOTC:OCLN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0002 | -2.86% | 0.0068 | 0.0066 | 0.007 | 0.0071 | 0.0068 | 0.0069 | 275,001 | 18:56:34 |
x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
26-0287664
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
x
|
Page
|
|||
PART I - FINANCIAL INFORMATION
|
|||
3
|
|||
15
|
|||
19
|
|||
19
|
|||
PART II - OTHER INFORMATION
|
|||
21
|
|||
21
|
|||
21
|
|||
21
|
|||
21
|
|||
21
|
|||
23
|
|||
24
|
September
30, 2012
|
December 31, 2011
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash
|
$
|
98,612
|
$
|
197,868
|
||||
Accounts receivable
|
80,726
|
-
|
||||||
Work in process
|
28,785
|
248,443
|
||||||
Prepaid expenses
|
408,321
|
300,102
|
||||||
Other receivables
|
2,550
|
17,977
|
||||||
TOTAL CURRENT ASSETS
|
618,994
|
764,390
|
||||||
PROPERTY & EQUIPMENT
|
||||||||
Machinery & equipment
|
30,992
|
30,992
|
||||||
Furniture & fixtures
|
27,056
|
27,056
|
||||||
Computer equipment
|
28,824
|
28,824
|
||||||
Manufactured equipment
|
12,500
|
-
|
||||||
Leasehold improvements
|
94,914
|
94,914
|
||||||
194,286
|
181,786
|
|||||||
Less accumulated depreciation
|
(136,625
|
)
|
(126,422
|
)
|
||||
NET PROPERTY & EQUIPMENT
|
57,661
|
55,364
|
||||||
OTHER ASSETS
|
||||||||
Investment
|
20,000
|
20,000
|
||||||
Patents
|
277,469
|
180,380
|
||||||
Trademark
|
4,467
|
4,467
|
||||||
Security deposit
|
9,650
|
9,650
|
||||||
TOTAL OTHER ASSETS
|
311,586
|
214,497
|
||||||
TOTAL ASSETS
|
$
|
988,241
|
$
|
1,034,251
|
||||
LIABILITIES AND SHAREHOLDERS' DEFICIT
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$
|
241,658
|
$
|
342,369
|
||||
Accrued expenses
|
167,166
|
124,417
|
||||||
Deferred income
|
35,000
|
313,163
|
||||||
Derivative liability, warrants
|
123,957
|
641,900
|
||||||
Convertible debenture
|
-
|
397,213
|
||||||
Unsecured notes payable, net of discount of $800,105
|
1,030,722
|
13,483
|
||||||
TOTAL LIABILITIES
|
1,598,503
|
1,832,545
|
||||||
SHAREHOLDERS' DEFICIT
|
||||||||
Preferred stock, $0.0001 par value;
|
||||||||
25,000,000 authorized preferred shares
|
-
|
-
|
||||||
Common stock, $0.0001 par value;
|
||||||||
250,000,000 authorized common shares
|
||||||||
12,977,153 and 7,694,505 shares issued and outstanding
|
1,298
|
770
|
||||||
Additional paid in capital
|
23,357,176
|
16,198,019
|
||||||
Common stock subscription payable
|
10,400
|
-
|
||||||
Deficit accumulated during the development stage
|
(23,979,136
|
)
|
(16,997,083
|
)
|
||||
TOTAL SHAREHOLDERS' DEFICIT
|
(610,262
|
)
|
(798,294
|
)
|
||||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
|
$
|
988,241
|
$
|
1,034,251
|
||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Sales
|
$
|
30,726
|
$
|
-
|
$
|
583,889
|
$
|
142,500
|
||||||||
Cost of Goods Sold
|
13,543
|
-
|
420,906
|
-
|
||||||||||||
Gross Profit
|
17,183
|
-
|
162,983
|
142,500
|
||||||||||||
Operating Expenses
|
||||||||||||||||
Selling and general and administrative expenses
|
1,310,532
|
1,141,494
|
3,910,316
|
2,629,791
|
||||||||||||
Research and development
|
152,978
|
333,484
|
704,166
|
723,917
|
||||||||||||
Total Operating Expenses
|
1,463,510
|
1,474,978
|
4,614,482
|
3,353,708
|
||||||||||||
Loss before Depreciation and Amortization
|
(1,446,327
|
)
|
(1,474,978
|
)
|
(4,451,499
|
)
|
(3,211,208
|
)
|
||||||||
Depreciation & amortization expense
|
3,401
|
3,202
|
10,203
|
8,102
|
||||||||||||
Loss from Operations before Other Income/(Expenses)
|
(1,449,728
|
)
|
(1,478,180
|
)
|
(4,461,702
|
)
|
(3,219,310
|
)
|
||||||||
OTHER INCOME/(EXPENSE)
|
||||||||||||||||
Interest income
|
-
|
-
|
-
|
1
|
||||||||||||
Foreign exchange loss
|
(611
|
)
|
-
|
(2,838
|
)
|
-
|
||||||||||
Gain/(Loss) on derivative
|
30,696
|
462,643
|
(14,716
|
)
|
462,643
|
|||||||||||
Loss on conversion of debentures
|
-
|
-
|
(838,728
|
)
|
-
|
|||||||||||
Penalties
|
-
|
-
|
-
|
(2,384
|
)
|
|||||||||||
Interest expense
|
(502,752
|
)
|
(457,285
|
)
|
(1,664,069
|
)
|
(457,822
|
)
|
||||||||
TOTAL OTHER INCOME/(EXPENSES)
|
(472,667
|
)
|
5,358
|
(2,520,351
|
)
|
2,438
|
||||||||||
NET LOSS
|
$
|
(1,922,395
|
)
|
$
|
(1,472,822
|
)
|
$
|
(6,982,053
|
)
|
$
|
(3,216,872
|
)
|
||||
BASIC LOSS PER SHARE
|
$
|
(0.16
|
)
|
$
|
(0.22
|
)
|
$
|
(0.69
|
)
|
$
|
(0.49
|
)
|
||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||
BASIC AND DILUTED
|
12,211,940
|
6,794,747
|
10,136,415
|
6,583,507
|
||||||||||||
Deficit
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
during the
|
|||||||||||||||||||||||||||
Preferred stock
|
Common stock
|
Paid-in
|
Subscription
|
Development
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Payable
|
Stage
|
||||||||||||||||||||||
Balance at December 31, 2011
|
- | $ | - | 7,694,505 | $ | 770 | $ | 16,198,019 | $ | - | $ | (16,997,083 | ) | |||||||||||||||
Common stock issued for cash and subscriptions payable
|
||||||||||||||||||||||||||||
(prices per share of $0.65 and $1.75) (unaudited)
|
- | - | 1,230,766 | 123 | 799,870 | - | - | |||||||||||||||||||||
Common stock issued for conversion of debt
|
||||||||||||||||||||||||||||
(prices per share of $0.65 and $1.75) (unaudited)
|
- | - | 1,241,929 | 124 | 841,073 | - | - | |||||||||||||||||||||
Common stock issued for conversion of interest payable on debt
|
||||||||||||||||||||||||||||
(price per share $1.75) (unaudited)
|
- | - | 6,551 | 1 | 9,891 | - | - | |||||||||||||||||||||
Common stock issued for services at fair value
|
||||||||||||||||||||||||||||
(price per share between $0.98 -$1.75) (unaudited)
|
- | - | 1,096,099 | 110 | 1,545,760 | - | - | |||||||||||||||||||||
Common stock issued for accounts payable at fair value (unaudited)
|
- | - | 12,001 | 1 | 20,999 | - | - | |||||||||||||||||||||
Common stock issued for incentive fee at fair value (unaudited)
|
- | - | 12,000 | 1 | 20,999 | - | - | |||||||||||||||||||||
Common stock issued with unsecured subordinated debt at fair value (unaudited)
|
- | - | 1,411,351 | 141 | (141 | ) | - | - | ||||||||||||||||||||
Common stock issued for incentive fee for debt (unaudited)
|
- | - | 9,670 | 1 | 6,285 | - | - | |||||||||||||||||||||
Cashless exercise of common stock purchase warrants (unaudited)
|
- | - | 262,281 | 26 | (26 | ) | - | - | ||||||||||||||||||||
Common stock subscription payable
|
- | - | - | - | - | 10,400 | - | |||||||||||||||||||||
Write down of fair value of warrants converted (unaudited)
|
- | - | - | - | 1,365,100 | - | - | |||||||||||||||||||||
Original issue discount (unaudited)
|
- | - | - | - | 92,662 | - | - | |||||||||||||||||||||
Beneficial conversion feature & debt discount on promissory notes (unaudited)
|
- | - | - | - | 1,579,578 | - | - | |||||||||||||||||||||
Options and warrant compensation expense (unaudited)
|
- | - | - | - | 878,604 | - | - | |||||||||||||||||||||
Stock issuance cost (unaudited)
|
- | - | - | - | (1,497 | ) | - | - | ||||||||||||||||||||
Net loss for the nine months ended September 30, 2012 (unaudited)
|
- | - | - | - | - | - | (6,982,053 | ) | ||||||||||||||||||||
Balance at September 30, 2012 (unaudited)
|
- | $ | - | 12,977,153 | $ | 1,298 | $ | 23,357,176 | $ | 10,400 | $ | (23,979,136 | ) | |||||||||||||||
1.
|
Basis of Presentation
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
Share based payments applies to transactions in which an entity exchanges its equity instruments for goods or services, and also applies to liabilities an entity may incur for goods or services that are to follow a fair value of those equity instruments. We are required to follow a fair value approach using an option-pricing model, such as the Black Scholes option valuation model, at the date of a stock option grant. The deferred compensation calculated under the fair value method was amortized over the respective vesting period of the stock option.
|
·
|
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
|
·
|
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
·
|
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets
|
$
|
20,000
|
$
|
-
|
$
|
-
|
$
|
20,000
|
||||||||
Total assets measured at fair value
|
$
|
20,000
|
$
|
-
|
$
|
-
|
$
|
20,000
|
||||||||
Liabilities
|
||||||||||||||||
Derivative Liability
|
$
|
123,957
|
$
|
-
|
$
|
-
|
$
|
123,957
|
||||||||
Unsecured promissory notes, net of discounts
|
$
|
1,030,722
|
$
|
-
|
$
|
-
|
1,030,722
|
|||||||||
Total liabilities measured at fair value
|
$
|
1,154,679
|
$
|
-
|
$
|
-
|
$
|
1,154,679
|
3.
|
CAPITAL STOCK
|
4.
|
STOCK OPTIONS AND WARRANTS
|
Risk free interest rate
|
0.87%
|
Stock volatility factor
|
70.25%
|
Weighted average expected option life
|
5 years
|
Expected dividend yield
|
None
|
4.
|
STOCK OPTIONS AND WARRANTS (Continued)
|
9/30/2012
|
||||||||
Weighted
|
||||||||
Number
|
average
|
|||||||
of
|
exercise
|
|||||||
Options
|
price
|
|||||||
Outstanding, beginning of period
|
351,130
|
$
|
6.14
|
|||||
Granted
|
4,000
|
1.70
|
||||||
Exercised
|
-
|
-
|
||||||
Forfeited/Expired
|
(269,836
|
)
|
6.40
|
|||||
Outstanding, end of period
|
85,294
|
$
|
5.12
|
|||||
Exercisable at the end of period
|
31,670
|
$
|
5.28
|
|||||
Weighted average fair value of
|
||||||||
options granted during the period
|
$
|
1.70
|
||||||
Weighted
|
||||||||||||||
Average
|
||||||||||||||
Stock
|
Stock
|
Remaining
|
||||||||||||
Exercisable
|
Options
|
Options
|
Contractual
|
|||||||||||
Prices
|
Outstanding
|
Exercisable
|
Life (years)
|
|||||||||||
$
|
6.90
|
209
|
84
|
0.75
|
||||||||||
$
|
9.60
|
6,250
|
2,853
|
0.75
|
||||||||||
$
|
7.20
|
1,667
|
844
|
2.98
|
||||||||||
$
|
4.50
|
33,334
|
15,451
|
3.15
|
||||||||||
$
|
6.00
|
16,500
|
6,306
|
3.23
|
||||||||||
$
|
4.20
|
13,334
|
3,197
|
3.79
|
||||||||||
$
|
5.15
|
10,000
|
2,185
|
3.88
|
||||||||||
$
|
1.70
|
4,000
|
750
|
4.01
|
||||||||||
85,294
|
31,670
|
|||||||||||||
Risk free interest rate
|
0.73% - 2.5%
|
Stock volatility factor
|
63.04% - 257.10%
|
Weighted average expected option life
|
5 years
|
Expected dividend yield
|
None
|
4.
|
STOCK OPTIONS AND WARRANTS (Continued)
|
9/30/2012
|
||||||||
Weighted
|
||||||||
average
|
||||||||
exercise
|
||||||||
Options
|
price
|
|||||||
Outstanding -beginning of period
|
836,188
|
$
|
4.20
|
|||||
Granted
|
540,000
|
1. 04
|
||||||
Exercised
|
-
|
-
|
||||||
Forfeited
|
(100,002
|
)
|
7.50
|
|||||
Outstanding - end of period
|
1,276,186
|
$
|
4.29
|
Weighted
|
||||||||||||||
Average
|
||||||||||||||
Remaining
|
||||||||||||||
Exercisable
|
Warrants
|
Warrants
|
Contractual
|
|||||||||||
Prices
|
Outstanding
|
Exercisable
|
Life (years)
|
|||||||||||
$
|
9.30
|
223,338
|
223,338
|
1.75
|
||||||||||
$
|
10.20
|
28,335
|
28,335
|
1.88
|
||||||||||
$
|
9.00
|
9,168
|
9,168
|
2.06
|
||||||||||
$
|
8.70
|
3,334
|
3,334
|
2.12
|
||||||||||
$
|
8.40
|
667
|
667
|
2.33
|
||||||||||
$
|
8.70
|
5,000
|
5,000
|
2.66
|
||||||||||
$
|
5.70
|
7,334
|
7,334
|
2.84
|
||||||||||
$
|
4.50
|
3,334
|
3,334
|
2.95
|
||||||||||
$
|
4.20
|
8,334
|
8,334
|
2.98
|
||||||||||
$
|
4.20
|
33,334
|
33,334
|
2.99
|
||||||||||
$
|
3.60
|
8,334
|
8,334
|
3.08
|
||||||||||
$
|
4.50
|
33,334
|
33,334
|
3.15
|
||||||||||
$
|
4.20
|
13,335
|
13,335
|
3.16
|
||||||||||
$
|
6.00
|
133,334
|
133,334
|
3.23
|
||||||||||
$
|
6.00
|
33,334
|
33,334
|
3.24
|
||||||||||
$
|
6.30
|
8,334
|
8,334
|
3.47
|
||||||||||
$
|
5.70
|
4,001
|
4,001
|
3.50
|
||||||||||
$
|
6.90
|
33,334
|
33,334
|
3.71
|
||||||||||
$
|
6.90
|
33,334
|
33,334
|
3.96
|
||||||||||
$
|
1.90
|
80,000
|
80,000
|
4.01
|
||||||||||
$
|
6.90
|
33,334
|
33,334
|
4.21
|
||||||||||
$
|
1.47
|
260,000
|
260,000
|
4.57
|
||||||||||
$
|
0.65
|
280,000
|
280,000
|
4.86
|
||||||||||
1,276,186
|
1,276,186
|
5.
|
CONVERTIBLE DEBENTURE
|
Risk free interest rate
|
0.62% - 0.73%
|
Stock volatility factor
|
70.21% - 72.36%
|
Weighted average expected option life
|
5 years
|
Expected dividend yield
|
None
|
6.
|
OBLIGATIONS UNDER CAPITAL LEASE
|
On March 1, 2012, the Company entered into a short term capital lease for a six month period with an option to purchase the equipment at the end of the lease. The total cost of the asset is $65,000, which includes a fee of $5,000 that will be paid at the end of the lease. The monthly rental payment is $5,000 per month plus tax. A deposit of $10,000 was paid for first and last month rent. Since the lease is less than a year there are no future payments to disclose and no imputed interest necessary to reduce the minimum lease payments to present value. On May 31, 2012 the equipment was returned to the vendor and the deposit was applied to rental of the equipment for the three months. The capital lease was reclassified as an operating lease and a $16,750 expense was recorded as rental of equipment in the statement of operations.
|
7.
|
UNSECURED CONVERTIBLE PROMISSORY NOTES
|
8.
|
SECURITES PURCHASE AGREEMENT
|
9.
|
SUBSEQUENT EVENTS
|
Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855, and reported the following events:
|
On October 1, 2012, the Company issued 15,384 shares of common stock at fair value of $14,614 for services performed by outside consultants.
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On October 11, 2012, the Company entered into a securities purchase agreement for the sale of a 10% convertible promissory note in the aggregate principal amount of $199,998 with a 25% Original Issue Discount (OID) of $49,998. For net proceeds of $150,000. The note is convertible into shares of common stock of the Company at a conversion price of $0.65 per share. All conversions shall be cashless. The note matures ninety (90) days from the effective date unless extended. A one-time interest charge of $20,000 will be applied to the principal sum.
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On October 15, 2012, the Company issued 24,359 shares of common stock at fair value of $19,731 for services performed by outside consultants.
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On October 18, 2012, the Board of Directors approved the issuance of 20,000 common stock purchase warrants to two consultants for services per their agreements.
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On October 24, 2012, the Company issued 172,462 shares of common stock at a price of $0.65 per share, through a private placement for cash and a subscription payable of $101,700, together with one (1) year warrants to purchase an aggregate of 172,462 shares of common stock, three (3) year warrants to purchase an aggregate of 78,000 shares of its common stock. Each warrant is exercisable at a price per share of $0.65.
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On November 1, 2012, holders of convertible notes, known in the Company’s filings with the SEC as the “November Notes”, “December Notes”, and ‘January Notes”, in the aggregate outstanding principal amount of $1,375,826, converted all outstanding principal and accrued and unpaid interest of $71,514 into an aggregate of 3,308,240 shares of common stock of the Company. Subdequently, three holders of the January Notes converted an additional aggregate outstanding principal amount of $62,500, plus unpaid accrued interest of $2,948 into an aggregate of 149,600 shares of common stock of the Company.
On November 1, 2012, the Board of directors approved the issuance of 50,000 shares of common stock purchase warrants to a consultant for advisory services per the agreement.
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On November 7, 2012, the Company issued 384,618 shares of common stock at a price of $0.65 per share, through a private placement for cash of $250,000, together with one (1) year warrants to purchase an aggregate of 384,618 shares of common stock, three (3) year warrants to purchase an aggregate of 462,618 shares of its common stock and five (5) year warrants to purchase an aggregate of 307,694 shares of common stock. Each warrant is exercisable at a price per share of $0.65.
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On November 12, 2012, the Company issued 43,589 shares of common stock at fair value of $37,487 for consultant fees.
On November 15, 2012, the Company issued 192,309 shares of common stock at a price of $0.65 per share, through a private placement for cash of $125,000, together with one (1) year warrants to purchase an aggregate of 192,309 shares of common stock, three (3) year warrants to purchase an aggregate of 153,847 shares of its common stock, and five (5) year warrants to purchase an aggregate of 153,847 shares of its common stock. Each warrant is exercisable at a price per share of $0.65.
On November 16, 2012, the Board of Directors approved a securities purchase agreement for the sale of a 10% convertible promissory note in the aggregate principal amount of $199,998 with a 25% Original Issue Discount (OID) of $49,998, for net proceeds of $150,000. The note is convertible into shares of common stock of the Company at a conversion price of $0.65 per share. All conversions shall be cashless. The note matures ninety (90) days from the effective date unless extended. A one-time interest charge of $20,000 will be applied to the principal sum.
On November 16, 2012, the Board of Directors approved the issuance of 380,000 stock options to three employees under the Company’s 2012 Incentive Stock Option Plan (the “Plan”). The stock options vest over four (4) years and can be exercised over a ten (10) year period. Also, approved were 100,000 five (5) year common stock purchase warrants to two employees per their agreements.
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business strategy;
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financial strategy;
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intellectual property;
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production;
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future operating results; and
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plans, objectives, expectations and intentions contained in this report that are not historical.
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On January 13, 2012, we announced that we plan to co-develop an integrated system with the U.S. Department of Energy’s Idaho National Laboratory for direct conversion of raw algae into a renewable crude oil that can be used by existing petroleum refineries.
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On February 3, 2012, we announced that Algae producer Aquaviridis, Inc. has signed a commercial agreement with us to help develop the multi-phase algae production rollout at its Mexicali, Mexico site, a potential model for algae sites throughout the North American Free Trade Agreement (NAFTA) region, with a focus on desert areas of the American Southwest and Mexico.
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On February 7, 2012, we announced that we demonstrated our low-energy Algae Appliance™ to industry executives from a workshop hosted by the National Algae Association at the University of Southern California.
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On February 15, 2012, we announced that we have named Melbourne-based Frontline Engineering Australia as our first certified support partner worldwide.
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On February 24, 2012, we announced a new company study indicating for the first time that algae producers worldwide can now make transportation fuels cost-effectively themselves.
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On March 8, 2012, we announced that we received a firm order from Ennesys to supply a test scale version of our Algae Appliance™ harvester, and our Quantum Fracturing™ CO2 feeding technology for a test of urban algae production near Paris, France. The purchase order for the initial purchase totals $30,000 to be paid in full within ninety (90) days.
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On March 23, 2012, we announced the introduction of the evaluation-sized Algae Appliance Model 4, a new entry-level, low-cost algae harvester that we believe will make it easier, faster and cheaper for producers and researchers to try and buy our proprietary harvesting technology. Driven by what we believe to be a major design breakthrough, the new price point of the Algae Appliance™ Model 4 is expected to greatly accelerate adoption of OriginOil’s chemical-free, continuous-flow, very low-energy system.
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On April 18, 2012, we announced that our technology developed for algae harvesting has shown promise in reclaiming hydraulic fracturing flowback water.
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On April 25, 2012, we announced that in recent independent third-party testing our algae harvesting process was able to remove 98% of hydrocarbons from a sample of West Texas oil well ‘frac flowback’ water in the first stage alone.
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On May 3, 2012, we announced that we intend to collaborate with Algasol Renewables on the development of an integrated algae growth and harvesting system.
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On May 9, 2012, we announced that we signed a memorandum of understanding with California-based PACE to collaborate with oil field operators in Texas and elsewhere to improve petroleum recovery and water cleaning for re-use at well sites, using a process we originally developed for algae harvesting.
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On May 23, 2012, we announced that we filed, among other things, three patents with the United States Patent & Trademark Office including two patents describing our unique technology for processing solids in solution.
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On June 7, 2012, we announced that we are gearing up for the commercial roll out of our oil and gas wastewater clean-up systems and have selected Los Angeles-based Clean Water Technology to manufacture the company’s systems.
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On June 8, 2012, our Board of Directors appointed Anthony Fidaleo as a director.
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On June 20, 2012, we announced that we have found that our platform technology which separates solids from liquids in a single pass, without the use of chemicals, has multiple market implications beyond the algae industry.
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On July 11, 2012, we announced that we have shipped the first production model of our Algae Appliance™ harvester to Paris-based Ennesys, our urban algae joint venture
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On July 19, 2012 we announced the formation of a dedicated business unit to aggressively market our continuous-flow, high efficiency and chemical-free technology for frack water cleanup and petroleum recovery.
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On July 25, 2012, we announced that we have received purchase orders for two test scale units from the United States Department of Energy’s Idaho National Labs under our research agreement.
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On August 30, 2012, we announced that a Japanese research partner plans to employ our algae harvesting technology for an ambitious algae biofuels program to provide renewable fuels and help eliminate radioactive materials.
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On September 12, 2012, we announced that we intend to license our proprietary CLEAN-FRAC™ process under private label to firms offering oil and gas water treatment solutions, in a first deployment of the “Powered by OriginOil™” brand.
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On September 25, 2012, we filed a filed a complaint in the US District Court Central District of California against MBD Energy Limited (“MBD”) to protect our intellectual property asserting among, other things, breach of contract, conversion, fraudulent non-disclosure and unfair competition by MBD.
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On October 9, 2012, we announced that we received our first international patent for our algae harvesting technology from the Australian patent office.
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On October 17, 2012, we announced that we entered into an OEM Agreement with Pearl H20, LLC our first agreement to license our proprietary CLEAN-FRAC™ process with oil and gas water treatment.
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Exhibit
Number
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Description of Exhibit
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10.1
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Form of Convertible Promissory Note (incorporated by reference to the Current Report on Form 8-K filed with the SEC on October 12, 2012)
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101.INS
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XBRL Instance Document.*
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101.SCH
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XBRL Taxonomy Extension Schema.*
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase.*
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101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.*
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101.LAB
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XBRL Taxonomy Extension Label Linkbase.*
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101.PRE
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XBRL Extension Presentation Linkbase.*
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*
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Attached as Exhibit 101 to this report are the following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) the Balance Sheets, (ii) the Statement of Operations, (iii) the Statement of Shareholders’ Equity, (iv) the Statement of Cash Flow, and (v) Notes to Financial Statements tagged as blocks of text. The XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed “filed” or as part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended and is not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of those sections.
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ORIGINOIL, INC.
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By:
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/s/ T Riggs Eckelberry
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T Riggs Eckelberry
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Chief Executive Officer (Principal Executive Officer)
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and Acting Chief Financial Officer (Principal Accounting and Financial Officer)
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November 20, 2012
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