July 1, page-274

Yes, you're correct. But I don't think this will come together. In the next two weeks there needs to be:

* Two local directors
* capital plan
* GOM production start (with payment up front)
* So I guess that means financing

It's just become too much to do in too short a time. And they can't get the money to re-organise other than from short-term, high-interest loans.

They need to get their hands on $20m - $25m to give them a clear run, I think. If they have great tech, of which there is a chance, then I don't see how that doesn't happen without the directors losing control and us facing a massive dilution, up around 50%+.

I'm not sure where it went wrong, but I think they ran afoul of the difficulty in creating a bootstrapped startup in such a capital intensive, disjointedly regulated market. Were I able to crystal ball and see where they thought the money would come from, I bet they thought they would get half of what they need from the Aussie market and half from an industry investor. Well, the industry investor never turned up. And they ran out of bandwidth trying to both start the business and find a source for the second half of the money needed.

A damned shame.