charts, page-266

When they started out, their plan was to develop a small production facility to demonstrate that an existing battery manufacturer could incoporate their LIS batteries into their existing manufacturing with relatively minor alterations at relatively low cost.

now they have changed their focus and talk about becoming a battery manufacturer themsrlves.. this in my view is a significant departure from their initial plans.

in addition, LIS signed agreements with various potential partners, and this may have eroded some of their cedibility, for example, with Janus..

at the IPO stage, their was great optomism in their potential product and business plan. I beleive issues such as those mentioned above have dented investor confidence in them.
all IMO.