In very round numbers FBR had $14m in the bank with a cash burn...

In very round numbers FBR had $14m in the bank with a cash burn of $7m/quarter. That gives them until the end of December in terms of outflow. They will get R&D rebates and they will generate revenue from their first commercial build. So maybe they have until January that is funded now. They will have to raise in November which is about the time the commercial builds will happen. That part of the plan seems pretty obvious to me.

As for their progress and general strategy, I think their communication is awful. Their last 4C was a page long. $7m spent and the most they could let investors know was a page long? They might be okay engineers, but they are hopeless managers of a listed company. They have 150 employees, are they all tinkering on a robot that's been built for a year? If so there is something horribly wrong. If not, why not share some vision?

When it comes to spec stocks I've learned not to invest in companies with bad management, no matter how good the product or resource seems. Bad management can easily kill off good products. I've ruled FBR out because of their management. I was fortunate to sell half my holding at 19c and the other half a week later at 13c after having bought in at 21c.

What would FBR need to do to regain my faith? Employ a competent CEO, CFO, secretary and investor relations team. Outline the commercialisation strategy for worldwide roll out of Hadrian, outline other projects for the DST, address the obvious issues facing Hadrian and it's application and conforming to building standards, show a path to profitability and provide a breakeven analysis and publicly demonstrate the robot. By shrouding the company in darkness you destroy shareholder wealth because you end up raising at low values and diluting. You scare off investors (like me) who would otherwise invest if they could see value and instead rely on the dieard fanboys who don't need to see behind the curtain and show a blind faith.