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CUSTOMER DEPOSITS
3 Months Ended
Mar. 31, 2012
CUSTOMER DEPOSITS  
CUSTOMER DEPOSITS

3. CUSTOMER DEPOSITS

 

In October 2006, the Company and Dong Energy (“Dong”) signed the revised Supplement to Framework, valid for eighteen months for the Company to sell a maximum 206,000 meters to Dong. As part of this agreement, Dong paid a $600,000 deposit which is recorded as revenue of $3.00 per unit upon shipment. In January 2012, the Company received a further order from Dong for the supply of a further 50,000 meters, which order was accompanied by an advance payment of $233,940.  As of March 31, 2012 total customer deposits were $356,680 in respect of approximately 90,000 meters to be delivered.