Ann: Director Resignation, page-72

How could you invest in a company where the Executive Chairman only knows as much the general public? There is parallel research being performed at Stanford. From the last quarterly report:

Alternatives to the etch process will be explored in parallel, as the probability of a successful optimization of the etch process is unknown. Additional improvements to the memory cell that were demonstrated on wafers processed at the Stanford Nanofabrication Facility will be incorporated in this next Platform Lot, as well.

Who knows what was uncovered during that research. I speculate that another problem was found and the path to commercialisation will again been delayed. This will require further capital raises, more short loops, more platform lots, more of the same...