Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-112

I think your comment about the chips being inferior is incorrect and based on an erroneous interpretation of what has been said.

The chips that will be demonstrated to investors are the first production batch that have already met all specs and expectations. That is not inferior. Read the announcements for yourself and see what was actually said.

The chips that are currently in production and will come off the line sometime in June are improved versions. They make more sound from a smaller number of chips. That is better than the original expectations because the MEMS design has incrementally evolved to give superior performance. They are superior but that does not make the current ones inferior. Your presumptions have read inferiority into the mix because you are irritated with the company. That is the same with all the other paranoic deductions you list. Just because investors are unhappy with the rate of progress as they perceive it does not mean all paranoic deductions are automatically more likely to be true.

Who says for instance that the engineers quit for reasons other than they had been offered better pay and benefits? Who says that Bart and Freeman want their cash out now because they are worried about the progress? Who says they do not want to invest that same cash in the company's shares? Of course they need to seek more investors because they have run out of cash. That is not a new development. The response is exactly what had been signalled for years now. "When we run out of cash we will raise more without any difficulty when large investors see what we have to sell." Go back and read these same declarations in many of the previous announcements and 4Cs. They are doing what they said they would do. The only problem is that Covid has made getting the demo boards ready to demo to investors a close thing.

These presuppositions look for bad patterns and presume them to be more likely to be true because the thinker is worried. That is a self fulfilling analysis.