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Note 12 - Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Text Block]
Note 12. Subsequent Events

On August 1, 2012, Wu’an paid Northern Altair Nanotechnologies Co., Ltd., $1.9 million (12 million RMB), as a down payment for its first electric bus order under the Agreement (the “Wu’an Agreement") among Altair China and the Wu'an Municipal People's Government ("Wu'an") and Handan Municipal People's Government ("Handan"). This payment shall be applied by Altair China to purchase and deliver 50 electric buses from a third party manufacturer to Wu’an by the end of 2012.

On August 8, 2012, we entered into a Note Secured by Deed of Trust, a Deed of Trust, Guaranty and Hazardous Materials Indemnity Agreement (collectively, the “Loan Documents”) for the provision of a $1 million loan (the “Loan”) secured by the Company’s Reno, Nevada Facility. Under the terms of the Loan Documents, interest accrues on the outstanding principal balance at the rate of 11% per annum. We are obligated to pay five months of prepaid interest to the lender upon closing and make interest-only payments on a monthly basis during the remaining term of the Loan and to repay all principal and any outstanding interest on or before August 1, 2013. Although we may prepay the Loan, we are obligated to pay a minimum of five months’ interest.  Proceeds of the Loan will be used for general working capital requirements.