Catch-22

I've been puzzling about SMN for a while now; what is going on??

..Listed in 2004
..Virtually no revenue for 12 years
..Ongoing negotiations with "a major aerospace organisation..."

This is what I think...

1. CVM needs deep, detailed and accurate data to support it's broad adoption
2. OEM's wont put the system in their aircraft until it is approved by the international regulators
3. These international regulators are incredibly conservative and wont approve the system in the absence of "1" above

...so ... no sales!

In respect of the OEM negotiations continuously referred to in the company's announcements, the CVM system has no value to these OEMs in the absence of regulator approval so the negotiation could be simply a matter of price and value realisation.