You are probably both right.I know Geoff has been actively...

You are probably both right.

I know Geoff has been actively promoting to the investor community but I can't blame him if he has got a little jaded.

They basically won't buy in until he show genuine positive cash flow and then they don't stop buyinh in.

The whole spec market has taken a beating so I can't blame them - the old method of buying just before cash flow and selling to them for 2x and 3x and 4x doesn't work at the moment (well it might but from a slightly lower entry price than I anticipated.

Just to be clear about potential dilution - the cash burn till end of March 2014 is without ANY revenue. I believe every quarter after Q4 2012 will be cash flow positive so this could be one of the last times you see them mention cash burn or runway.

They will need to prove it in Q1 next year but that is not as far away as it looks.

There is still a reasonable chance we could scrape together a cash flow positive quarter in Q4 this year with sign on payments but not likely.

Either way cash balance will probably never go below $3m if I am correct.

As the final report says - Geoff is extremely excited.