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LEGAL MATTERS | 9 Months Ended
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Oct. 31, 2019
LEGAL MATTERS |
LEGAL MATTERS | NOTE 8 – LEGAL MATTERS In the normal course of business, the Company may also have pending claims and legal proceedings. It is the opinion of management, based on information available at this time, that there are no current claims and proceedings that could have a material adverse effect on the Company’s condensed consolidated financial statements except for the matter described below. In January 2019, GPS filed a lawsuit against Exelon West Medway II, LLC and Exelon Generation Company, LLC (together referred to as “Exelon”) for Exelon’s breach of contract and failure to remedy various conditions which negatively impacted the schedule and the costs associated with the construction by GPS of a gas-fired power plant for Exelon in Massachusetts. Nonetheless, GPS continued to perform the efforts required by the contract to complete the project. On March 7, 2019, Exelon provided GPS with a notice intending to terminate the EPC contract under which GPS had been providing services to Exelon. At that time, the construction project was nearly complete and both of the power generation units included in the plant had successfully reached first fire. The completion of various prescribed performance tests and the clearance of punch-list items were the primary tasks necessary to be accomplished by GPS in order to achieve substantial completion of the power plant. Among other actions, Exelon issued a contractual notice requiring GPS to vacate the construction site, made claims against GPS and withheld payments from GPS on invoices prepared and rendered in accordance with the terms of the EPC contract between the parties. In summary, the Company’s position is that Exelon wrongfully terminated GPS, materially breached the EPC contract and received the benefits of the construction work performed by GPS without making payments for the value received. With vigor, GPS will continue to assert its rights under the EPC contract, to pursue the collection from Exelon of amounts owed under the EPC contract (see Note 4) and to defend itself against Exelon’s allegations that GPS did not perform in accordance with the contract. The legal process associated with the lawsuit filed by GPS has begun as the parties recently agreed to discovery and confidentiality protocols.

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- Definition The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 + Details
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