On 5 May, SPI entered into a contract with Bakers Builders Inc. to supply RAP-1 panels. Bakers is a home builder that is currently building 3,000 homes that are energy efficient. However, Baker does not want to take delivery until the panels are needed. Baker has agreed to be invoiced for all of the panels but will ask for delivery at different points in time for the next six months. The total contract amount of $6,000,000 was invoiced to Baker on 15 May and Baker paid the full amount on 18 June. The panels are ready for delivery and have been set aside in a separate part of the warehouse. It is expected that there will be still 15% of the panels left to be delivered by the end of SPI's fiscal year- end. The company reported revenue of $5.1 million related to this contract in 2009