party time

As of the 6th August 2009 the company (MAK) declared it had close to $50,000,000 cash for working capital.
As of the 31st December, 2010 the company has $17,000,000 plus the $8,500,000 paid to BCD.
So they have gone thru approximately $25,000,000 in 16 months, although if they capitalise on BCD it improves somewhat.
Now i find it incredible that for a company that to date has not sold ome iota of product that it can expect its shareholders to accept this situation without a "PLEASE EXPLAIN"...............................................
Where on earth has this cash gone??????????????????????