Without going to any details its been the excessive time taken...

Without going to any details its been the excessive time taken to gain FAA approval for particular applications of the CVM. After many years of promising with no approval investors have become wary pre-approval - not necessarily the fault of the company, more related to FAA procedures.

But this delay actually improves the Moat for the technology (once) approved.

The first CVM application approved was for wifi, last year, on certain aircraft which doesn't provide the savings for its installation on the few fleets with the particular wifi. The fact it was approved by the FAA confirms and acknowledges its suitability as a means of structural health monitoring on aircraft.

The aft-pressure bulkhead application ("APB") however, which is in the final stages of testing now, has considerable commercial savings for many 737 aircraft currently flying. Thus APB approval, now anticipated by mid-April, will be a major event for SMN, and a game-changer to the maintenance and downtime schedules of 737 aircraft fleets worldwide.