Not sure I was testing the argument of available capital,...

Not sure I was testing the argument of available capital, whether that be debt or equity. However since you raised it lets debate it.

I will start with this...

AEV is and has been for quite some time an unattractive proposition for capital evidenced by the existing Convertible Note and its terms and rate.

However even prior to this is struggled to attract investment interest going back as far as an Independent Report nearly 10 years ago that said AEV back then was unviable for a DSO (Direct Shipping Ore) option for its higher grade phosphate. When I find the report again I will provide the link and page it talks about this.

So to raising some equity:

Right now AEV has a market capitalisation of less than $15m. No income to speak of and barely enough working capital to keep it going for the next 6 months. So to raise equity capital on this would yield less than $4m and that would be best served to remove the CN risk after expenses and fees for raising it.

Leaving AEV nowhere to go and not much spare cash left other than to buy a couple of shovels and wheelbarrows.

So lets play the debt path:

Firstly it does not have any earnings from the business to service any debt so the only option is an accrual type loan and they already have one of those in the form of the CN and in the market in which it was raised it is being charged at about twice the US Junk Bond rates. Take a look at the three credit rating agencies, Moody, S&P and Fitch's and you will find the rate they are paying the Hong Kong company puts AEV not only well in the sub-prime arena but out in the Highly Speculative arena at best. Which is why the Convertible Note is secured over the phosphate tenements as they have value for those that understand how that value can be realised, today, AND have funding.

Leaving AEV nowhere else to go for debt and each day the remainder of the working capital diminishes as it pays salaries, wages, board fees and for overseas trips of scant value.

There is one possible answer but it would need serious changes and that means eject the board, reengineer the capital structure, reconstitute the share register, focus the business of reachable targets in the short term to generate a cashflow and place the business in position where its liquidity is constantly greater than 1 and increasing.

Then, maybe, it can start to plan beyond the horizon for seeking great gobs of capital to build something Elon Musk would get a woody over.

But until then it is all dreams. Of new or old school business style or new or old school industries it is no matter as dreaming is dreaming.