On Friday, the share price of Solarwindow Technologies Inc (OTCMKTS:NENE) posted another impressive session as it surged more than 5% at close at $2.21, just short of high of the day of $2.48. The gains came at a healthy volume of 537 thousand, the last time Solarwindow stocks witnessed such large volumes was at the end of FY2013.
On Wednesday Solarwindow Technologies Inc (OTCMKTS:NENE) announced that it intends to change its ticker, name, official website and logo in order to closely align its corporate identity reflecting their core product offering. The company will trade under the name Solarwindow Technologies Inc from this week onwards. The new ticker symbol for the company will be ‘SOLW’. It is involved in the development of see-through liquid coatings that can generate electricity. The liquid coatings are applicable to glass windows. The distinguishing feature of the product is that it can utilize artificial light to produce electricity.
The financial performance
The liquid coating products of Sonar window sounds promising but it is important to mention that it has not started with the commercialization process. Also, the new name or trading symbol will in no way change Solarwindow dismal financial performance. As per the latest report posted at the end of November 2014, Solarwindow had cash of $256,000, current assets of $428,000 and total current liabilities at $613,000. The company didn’t post any quarterly revenue and the loss stood large at $3.26 million.
The word of caution
As it is evident, the financial performance of Solarwindow is far from encouraging, massive net loss, a negative working capital, and a large deficit of more than $24 million. The company received $498,000 as it exercised 600,000 Series H Warrants. The exercise price was $0.83 which is much lower than the prevailing market price. The company also has a $3 million ‘Note’ that can be converted into common shares.