The US Bankruptcy Court gave an order denying Lithium Technology Corporation to obtain DIP financing on February 6, 2015. As per the objection filed by creditor on February 2, 2015, debtor has not generated a single dollar in revenue during December 2014. Debtor projects to generate just $14,437 in revenue during February and March 2015 and anticipates incurring more than $0.50 million in professional fees during this four month period in which it will have no meaningful operations.

The sole purpose of the proposed DIP financing is to lock in a plan structure favored by the DIP lender. The Amended DIP Agreement is structured in a manner to grant the DIP lender valuable guarantees secured by the assets of the Debtor's direct and indirect subsidiaries, prohibit the Debtor from selling or otherwise impairing these assets. The Amended DIP Agreement does not satisfy the requirements of the Bankruptcy Code, and it is not in the best interest of the bankruptcy estate.

The motion for obtaining DIP finance was filed by the debtor on January 6, 2015.