Ann: Entitlements Offer to Fund New Development and Growth, page-42

Catch 22 for the company.

It's possible they have parties wishing to sign, but won't sign until they see a higher volume/continuous proof of concept of our technology before pulling the trigger.

Option A is they (signatories) wait until P1 is fully operational, in which case would defeat the purpose for Lepidico to pre fund P1 in the first place.

Option B, give them (signatories) what they want (de risking of their potential investment) in the form of a pilot plant which for all we know may have been discussed between parties as adequate enough to secure the signature/s.

I'm not sure, but fits.

Chin up.