The 10-K from 2013 was an answer to kinnaree's question. Not sure how your response applies to my post.
I will address your thoughts, though-
- Yes, "the facts speak for themselves" and there are no revenues as of this recent filing.
- No, we do not have facts that support "they are no where near a product..."
- Yes, again, no revenues means "not one person {or company} has paid for a single dot" (or grams of dots).
- Yes, employees are getting paid or deferring salaries to do various roles. The determination of whether any of them are very good at those roles should be put off until we get further down the road and we find out how this story plays out.
- Yes, typically, you are correct, "Companies don't just up and agree to contracts based on small samples." However, sales may develop after a successful and thorough product qualification program. I wouldn't get hung up on the term "contract." The boilerplate language on an invoice can make that a contract. In decades of selling raw materials, I can assure you that there are plenty of sales transactions that take place without an annual or multi-year supply agreement. Formal written agreements provide benefits to both parties but they are not a prerequisite to conduct business.
