USCL went into what it refers to as the “hibernate” mode, or inactive status in August 2011. The company was unable to raise any additional investment capital after the 2008 economic downturn and more recently the indeterminate direction the utility industry was going concerning Advanced Metering Infrastructure and the Wide Area Network – Local Area Network smart meter system topology.
The company moved out of the rented building it occupied at 2433 Garfield Avenue in Carmichael, California and put the USCL physical assets consisting of furniture, office equipment, computers, and the like in storage.
As a result of lack of funds, the company chose not to pay the annual corporation fees with the State of Nevada. In 2013 the State of Nevada temporarily revoked USCL's business license and corporate status. The current status of USCL as a Nevada Corporation may be determined at the State of Nevada Secretary office website by selecting “entity name” and entering USCL Corp at: http://nvsos.gov/sos
To calculate the fees required for the reinstatement and revival of USCL's corporate status as an active company licensed to do business, click on this link and then click on USCL Corporation followed by the green bar titled "$ Calculate Reinstatement Fees:".
Nevada State Law provides the ability to “revive” the corporation provided however that this is done prior to April 30, 2018. As of September 2018 the cost to revive the corporation with the State of Nevada is $24,925 and can be so calculated at the above Secretary of State website.
Nevada State Law provides that once the corporation has been revived and is in current good standing, the company shall also be considered to have been in good standing from inception including the period of time after revocation and any business so conducted in that time frame shall be authorized by the company’s Articles of Incorporation and its Bi-Laws.
A letter from USCL's business service partner in Nevada explaining these details is provided at: http://energycite.com/docs/USCLRevive.pdf
USCL has a $2.8 million USD federal tax loss carry forward. The USCL Corporation must be revived prior to April 30, 2018 to maintain that loss carry forward which is vital for ongoing business. The leverage of the $24,925 fee to revive is 22.7 times. Tom Powers, CA CPA (retired status) and Acting CFO of USCL from 2002-2011 explains the tax loss carry forward in the 2010 USCL shareholder meeting archived and advance 26:00 minutes into this video for Tom Powers’s presentation: https://www.youtube.com/watch?v=9Lcgxu85z00
Further this is required to satisfy the firm’s obligations and future exit strategies for its 70+ private placement shareholders.