'Cash flow negative for some time', says the Chairman, page-18

"debt is foolish" – depends on what it's being used for.  Debt is more easily retired than capital.  If you issue shares you have to buy them back to cancel them, which means you may have to pay more for them than you raised when you issued them.  So for short term purposes, like working capital, debt can work well.

Debt is also more flexible than capital.  If you issue shares you have to take, store and manage the money up front.  But debt can be a line of credit that you draw down as needed (to fund labour and raw materials, for example) and repay when funds permit (such as when finished goods are sold).

"Simom will never go into debt for rfx" – I'm not sure it's his call.  That would surely be a management decision, and Simon has removed himself from management.

"to say debt is preferable to dilution is a sin" – Sometimes it is.  It would be an appalling mistake to borrow money for R&D, for example.  Research doesn't directly produce any revenue so it would be impossible to service the debt.  But if low-cost debt is available (and it probably is) to fund production and sales then I'm afraid I'm going to hell after I die...

Share price was 20 cents in January this year, before we were even manufacturing complete batteries.  Why is 30 cents six months from now so unrealistic when we now have a fully operational manufacturing facility and building sales volumes in several substantial markets?