Ann: Quarterly Activities and Cashflow Reports, page-2

Well that was interesting reading and fairly much revealed exactly what I had speculated on during the quarter.

After reading through the 10 pages of preamble and regurgitation of what has been said over and over before, I finally got to the stuff that matters.

Quarterly cash burn of $3.033 million for the quarter. The net figure was $2.792 million which included the $241k received through option exercises during the quarter. This is $1 million per month!

The company had forecast expenditure of $1.95 million so that forecast was 50% out.

Cash balance at the end of quarter of $2.971million with forecast outflows of $1.648 million.

IMO that's fairly hard to believe that outflow figure given the 50% error for this quarter and suddenly expenditure is going to go from $1 million per month to $1.65 for the quarter. Doesn't seem right IMO for a company that continually talks about accelerating and is rapidly progressing towards BFS.

In any case the company is basically out of money this quarter regardless.

The company has spent approximately $6 million in 6 months so whichever way one looks at it it's about a $1 million per month so IMO the company is going to have to raise at least that amount again to carry them for two quarters. Anything less IMO and the stock will be seen almost immediately as cum raise again.

Now it's just a matter of price....