Competitor Analysis - ANO killing them off, page-28

In all the noise surrounding ANO's release I thought to look up our competitors. And the latest report for our competitor has been issued see: https://www.sec.gov/Archives/edgar/data/883107/000138713119006135/nanx-10q_063019.htm

They have made another loss, interestingly enough the commentary under going concern:

(2) Going Concern / Liquidity:

We believe that cash from operations, cash on hand, cash from our May 13, 2019 financing, in addition to unused borrowing capacity, should be adequate to fund our operating plans through 2019, but this is dependent on several things over which we have limited control. Our largest customer made up 74% of our 2018 revenue and we expect a material reduction in orders from them in 2019, which has limited our flexibility and required us to make cash management a top priority. We also expect growth in our Solésence® business, which we view as a critical strategic undertaking, and may require additional investment in working capital. Our current plan is to continue to invest in Solésence®-related operating expenses and capital equipment. Given the uncertainties relating to our largest customer, as well as our growth strategy for Solésence®, it is possible that we may need to seek additional funding to address working capital demands within the next twelve months. We believe that we will be able to secure additional financing if needed, but we do not have any additional financing commitments in place as of today. However, we may not be able to secure additional financing in a timely manner under commercially reasonable terms, or at all. If we are unable to secure additional financing, we would need to delay capital expenditures related to our Solésence® growth strategy, which could impede growth in 2019 and 2020.

Looks like they are capital constrained in investing in the product side of the business, whilst ANO is now generating cash to be able to invest in this space.