They've also been financing through credit.
There are those two judgements (we know about) from defaults on notes. From the filings it looks like they are still raising money by selling notes.
The accounts payable has been increasing, which is credit extended by suppliers. The new auditor said Cyclone owes them $85,000 for instance.
There's also the related parties payables which are Harry and Frankie's salaries that they are not drawing.
Cyclone has also been collecting cash from their new customers, the Danish defense outfit, the Mexican solar people and that outfit in Dubai.
Why anyone would give money or extend credit to Cyclone is a mystery to me, but there seem to be people doing it. Mind you, Harry and Frankie aren't exactly forthcoming with the truth of how badly Cyclone engines perform. They've always been very skilled at telling people things that will separate the people from their money.
It's also hard to understand the screwed-up priorities inside Cyclone. Harry designed the new Mark 1 and Mark 3 engines with water lubrication and spider bearings after Ohio State University proved those couldn't be made to work. So he has tied Cyclone to engines that can't be successful for technical reasons. He also designed these little engines with six cylinders so Cyclone is tied to engines that can't be successful for economic reasons. Then we see that Cyclone has kept a CFO on payroll even though revenue in 2015 and 2016 were zero and President Frankie claims to have been an auditor.
Back when they were trying to crowdsource funding for the land speed record car it came out they had an IT manager on staff. This for a company that had no engineers at the time or any computer facilities more elaborate than some PCs.
Things like that would be why General&Administrative expense always greatly exceeded R&D expense for a company that claims to do nothing but R&D.
Other than being all to glorify Harry Schoell's self proclaimed genius, I don't see any other realistic explanation for Cyclone's behavior.
