From the recent 10Q
During the six months ended November 30, 2010 and 2009, TPL entered into licensing agreements with third parties, pursuant to which PDS recorded aggregate proceeds of $1,409,000 and $11,023,655, respectively
At November 30, 2010, PDS had accounts payable balances of approximately $3,188,000 and $62,000 to TPL and PTSC, respectively. At May 31, 2010, PDS had accounts payable balances of approximately $1,724,000 and $7,000 to TPL and PTSC, respectively.
At January 13, 2011, PDS’ cash and cash equivalents balance was $7,007,897. Management has concluded that PDS’ equity investment at risk is insufficient to finance its activities as the volume of license revenue has not supported litigation costs independent of additional working capital funding.
We have not provided financial support to PDS other than required capital contributions and we are not contractually obligated to provide financial support to PDS other than to fund the working capital account at the discretion of PDS’ management committee. In the event we, and not TPL, provide working capital funding to PDS we would consolidate PDS’ financials with our own as our ownership in PDS would be greater than 50%.
How is the information in the recent PR really different from what we were already told in the 10Q?