Certificate of Completion, Equity Injection, and Sources and Use of Funds between Kronos Advanced Technologies, Inc., Kronos Advanced Technologies WV, Inc., and West Virginia Economic Development Authority

Summary

Kronos Advanced Technologies, Inc. and its West Virginia subsidiary certify to the West Virginia Economic Development Authority (WVEDA) that they have completed a project involving the purchase and renovation of a facility and acquisition of equipment in Parkersburg, West Virginia. The total project cost was at least $5.8 million, funded by a $2.61 million loan from WVEDA and at least $3.19 million in equity from the companies. The facility is confirmed to be structurally sound and operational as of April 7, 2022.

EX-10.31 16 kr_ex10z31.htm CERTIFICATE OF COMPLETION, EQUITY INJECTION AND SOURCES AND USE OF FUNDS CERTIFICATE OF COMPLETION, EQUITY INJECTION AND SOURCES AND USE OF FUNDS

CERTIFICATE OF COMPLETION, EQUITY INJECTION

AND SOURCES AND USE OF FUNDS

 

I, Joseph L. Florence, the duly authorized officer of KRONOS ADVANCED TECHNOLOGIES, INC., a Nevada corporation, and KRONOS ADVANCED TECHNOLOGIES WV, INC., a West Virginia corporation (collectively, the “Borrowers”), hereby certifies on this 7th day of April, 2022, to the West Virginia Economic Development Authority, a West Virginia public corporation (“WVEDA”), in connection with WVEDA’s loans to the Borrowers in the aggregate principal amount of $2,610,000 (the “WVEDA Loans”), the proceeds of which are to be used to permanently finance a portion of the costs of (i) acquiring the former facility at 2501 Garfield Avenue, Parkersburg, West Virginia, consisting of approximately 9 acres of land and three existing buildings situated thereon (the “Facility”) and making certain upgrades and renovations thereto, and (ii) acquiring certain machinery, equipment, furniture and fixtures at the facility (the “Project Equipment” and together with the Facility, the “Project”) : 

1.The total cost of the Project was at least $5,800,000, which has been permanently financed by: 

a.The WVEDA Loans in the aggregate principal amount of $2,610,000, and 

b.An equity contribution from the Borrowers of at least $3,190,000. 

2.Based upon the report of Anthony L. Baumgard, P.E., of Balsa Limited LLC, a copy of which is attached hereto as Exhibit A, the Project Equipment is in place and the Facility is structurally sound and fully operational. 


WITNESS my signature effective as of the day and year first above written.

 

KRONOS ADVANCED TECHNOLOGIES, INC.

a West Virginia corporation 

 

 

By:____________________________________ 

Name:Joseph L. Florence 

Its: Chief Operating Officer 

 

 

KRONOS ADVANCED TECHNOLOGIES WV,  

INC.

a West Virginia corporation 

 

 

By:____________________________________ 

Name:Joseph L. Florence 

Its: Chief Operating Officer 

 

 

 

 

 

 

 

 

 

Signature Page to Certificate of Completion

14773950 (1916.0939)


2



EXHIBIT A

 

picture 1 



 

 

picture 1