Coates International Ltd (OTCMKTS:COTE) received ample of investors’ support during the previous trading session after the company updated about $50 million orders. In a press release, the company highlighted that some of its existing orders have been updated and reconfirmed for the year 2015. The company accounted the total value of the four orders to be $50,486,200.
$50 Million worth orders
Apart from mentioning a brief about the four orders, Coates International Ltd (OTCMKTS:COTE) also threw light on its progress in terms of manufacturing 150 KW CSRV. The company said that 150 KW CSRV natural gas electric power generators are under the process of manufacturing at its headquarters in New Jersey, USA.
The company pointed that it is witnessing a rising demand for CSRV 150 KW natural gas generators as well as the CSRV stand-alone 35 KW propane gen sets, particularly from the UAE region. In view of such demand, the company is planning to boost the number of skilled workers at its New Jersey plant. Also, the company is scouting for an appropriate production plant area in the nearby places so as to expand its production operations.
While all the updates released by Coates International Ltd (OTCMKTS:COTE) conforms with an investor’s expectations, it still has some issues to deal with for now. The company’s financial position is far from impressive.
Its first quarter report reflects that that company maintains a cash balance of merely $72,622, while its current assets are worth $190,023. The current liabilities of the company are as huge as $7,149,211. The revenues amounting $4,800 were sourced from a sub-licensing agreement, and the net loss stood at $2,814,769 during the first quarter. Moreover, the company has yet to renegotiate its $1.4 million worth mortgage, which will mature in July this year.
The stock of Coates International Ltd (OTCMKTS:COTE) settled nearly 45% higher at $0.0143 during the previous trading session as 15 million shares changed hands.