Magnolia Solar Corporation is a development-stage company. The Company, through its wholly owned subsidiary, Magnolia Solar, Inc., is engaged in the development and commercialization of its nanotechnology-based, thin-film technology that can be deposited on a range of substrates, including glass and flexible structures. As of December 31, 2011, the Company licensed its core technology under development from Magnolia Optical Technologies, Inc. (Magnolia Optical). Under the license, the Company has been granted a worldwide license to use the intellectual property of Magnolia Optical relating to the design and fabrication of thin-film solar photovoltaic solar cells for the manufacture and sale of thin-film photovoltaic solar cell products and services. The Company's research and development is located at the Albany Nanotech Center of the College of Nanoscale Science and Engineering (CNSE) in Albany.