Ann: Receipt of R&D Grant and Strategic MOU's, page-62

All good news if you ask me.

I spoke a long time ago about MOU's and there worthlessness. I even suggested "Binding " MOU's were much better, and they are. There is a caveat to that statement though.

I a happy to sign a binding MOU right now with anyone who can provide me with a Saturn V Launch vehicle - moon shot launcher ready for launch in 2019. The reality of that binding agreement happening means it remains worthless. We are in a similar situation, we may not have enough cash to get the first bunch of Perls in the sky. We can therefore have hundreds of MOU's in place which are worthless.

I remember UNI had a similar issue. Big delivered contracts but no delivery of product and they came with up front payments in the millions. The lack of cash flow there was predictable and led to the companies downfall.

I would like to see a few more dollars in the bank to cover cashflow...perhaps with up front payment so that the people have some skin in the game. In Poland's case it is a cheap way to [possibly] get into space. At least they have some skin in the game...what ever form that takes. Maybe our board can look at some agreements along those lines as a way to generate funds.

Even though long term it may reduce the value of said contracts, up front payments would give us cash that isn't based on dilution of shares, raising capital or signing some kind of joint venture which is like dilution.