Sharp Corporation (ADR) (PINK:SHCAY), ailing Japanese electronics maker said that it will miss a March 29 deadline to receive the second half of a $120 million investment from the Chipmaker Qualcomm, Inc. (NASDAQ:QCOM). Sharp will not be getting the remaining half of the investment amount as it failed to complete a plan to start fabricating power-saving screens, which is being developed by the two companies together.

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San Diego based chipmaker, Qualcomm paid half of the investment amount in December 2012 and set the standard for receiving the remainder of the investment fund under which there were conditions like completing the specifications for the smartphone and tablet PC screens, and preparing for their production. Other than that, Qualcomm, Inc. (NASDAQ:QCOM) also set the condition that Sharp Corporation (ADR) (PINK:SHCAY) will have to post an operating profit in the second half of the business year and have a minimum of 100 billion yen ($1.05 billion) of net assets.

Sharp Corporation (ADR) (PINK:SHCAY) has to design the screens, which were developed along with Pixtronix, a subsidiary of Qualcomm. These panels are aimed at conserving power through Pixtronix’s low power MEMS (micro electromechanical systems) displays and Sharp’s IGZO (indium gallium zinc oxide) technology.

“The financial targets are not the reason for the delay,” Sharp spokeswoman Miyuki Nakayama said. The next deadline given to Sharp is June 30 to fulfill the conditions for the remaining payment according to Miyuki Nakayama.

If the troubled Sharp falls on second deadline it would be reeling under heavy pressure as the company has to repay $2.1 billion convertible bond in September. Sharp, which is the Japan’s leading LCD panel maker, could not renegotiate an agreement for Taiwan’s Hon Hai Precision Industry Co to acquire a 9.9 percent stake, for which the deadline of March 26 would probably pass with no revised agreement as yet.

Earlier, Electronic major Samsung electronics announced to invest $110 million in cash strapped Sharp Corporation (ADR) (PINK:SHCAY), which supplies screens for Apple’s iPhone 5 and iPad. The Samsung Sharp agreement sits on the condition that Samsung will acquire a three percent stake and a promise to supply panels to Samsung.

Sharp has initiated talks with Lenovo Group Ltd and Hon Hai to sell its Chinese TV assembly plant and Mexican TV factory to the companies respectively. The company has, however, certain limitations and cannot sell assets over that as it mortgaged most of its domestic plants and offices to get a $3.8 billion bank bailout.

Sharp Corporation (ADR) (PINK:SHCAY) is expected to opt for equity financing to meet its financial needs. The company will aim at making up any shortfalls after it adds up available cash flows and gains from the assets and stake sales.