Going concern issues at CIGS thin film start-up DayStar Technologies continue into 2010, with reported losses of US$6.1 million in the first quarter. At March 31, DayStar Technologies’ cash and cash equivalents totalled just US$13,000, compared to US$17,000 at December 31, 2009. However, an additional bridge loan worth US$3 million was recently secured of which US$780,000 had been received to continue operations.
Research and development expenses were US$2,488,828 for the three months ended March 31, compared to US$4,886,104 for the three months ended March 31, 2009.
DayStar Technologies is still attempting to raise finance to secure equipment for its first production line. In SEC filings, the company continued to warn investors about its precarious financial position, noting that if further funding was not forthcoming in the ‘very near term,’ the company might have to file for a voluntary petition for reorganization under the U.S. Bankruptcy code.