Note where it says “Although this customer’s contract has expired we continue to provide services to it on a month to month basis. It has requested proposals from competing vendors, to which we have also submitted our proposal for a contract renewal” in the FORM 10-Q for the quarterly period ended June 30, 2012 filed recently by Broadcast International, Inc.
We assume that this is the Bank of America contract. Mind you, as we said back in September 2009 we were never sure of the exact logic of awarding a multi-million dollar contract to a company that has been functionally bankrupt since September 2008 (liabilities exceeding assets) but there you go!
If you can be bothered to read through the rest of the FORM 10-Q you will see that Broadcast International only stays in business due to the banking contract, we quote “Sales revenues from our largest customer accounted for approximately 86% of total revenues for the six months ended June 30, 2012 and approximately 91% for the six months ended June 30, 2011”.
In one word, WHOOPS!