JCap short report released, page-24

I am a CA and have held NEA at times but their last report stunk IMO, I went through it and really did not see the justification for this share price. The operating cash flow is not there, they seem to continuously raise capital and just burn through it, the model is not scaling up as well as one would like and to me I feel this is worth $1.00 to $1.25 as a share. If they are unable to be profitable by now I don't think they ever will and here is the problem with 'disruptors' and certain tech plays, yes great idea and product but often it can't be provided profitably at the margins, we will see a lot more of this as time goes by.