DOE Project: CFOAM PROJECT OBJECTIVES – COAL TO CARBON PRODUCTS The objective is to create a continuous manufacturing process for carbon foam that operates at atmospheric pressure and can generate well-formed carbon foam panels and lightweight aggregates. A successful outcome would: 1) significantly reduce the cost to manufacture carbon foam through reductions in capital and labour costs, 2) significantly reduce the cycle time to manufacture carbon foam from weeks to hours, and 3) enable the manufacture of much larger volumes of carbon foam. All of these features will enable carbon foam to enter much larger markets and create meaningful demand for U.S. coal. QUARTERLY CASH FLOW AND CASH POSITION CFOAM group cash @ 30 June 2021: US$1,101,000 Sales receipts for the quarter: US$198,000 in sales DOE grant funds received for the quarter: US$383,000 CFOAM products sold to 17 different organisations Operational costs continue to be maintained SALES ACTIVITY AND PIPELINE Sales revenue for the quarter of US$198,000 which was steady from last quarter of US$196,000 but remains significantly COVID-impacted. Continued COVID-19 infections and stringent on-site mobility restrictions has meant that limited or no on-site sales visits by our salesforce have been possible. Additionally, customer operations have been significantly curtailed and projects have slowed. The Board is optimistic that sales can increase once some normality is resumed, albeit downstream visibility is limited. The business sold product to 17 different organisations over the quarter, both in the USA and overseas. This was 4 more than the 13 different organisations sold to in the prior quarter, but many orders were repeat business. Companies continue to test and validate the product across various industries, including building materials, fire doors, autos and various aviation applications.
CFO Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held