col, here is a cut and paste of my post to you a week or so ago.... But I want to add one more thing.... many posters here, including myself have more cash on hand and even more cash than the company will have after they get their next $500k... how that translates in your post about the company being "well funded" escapes me.....
Col,
Here is something pretty straight forward and to the point.
All this information is from their current S1-A filing.
As of March 31, they were down to $113k in the bank. so even with trimmed down expenses you have to figure they are down to $50-75k left not including what they are burning this month.
Current liabilities:
Accounts payable and accrued expenses $ 236,774
So, when they get their next $500k which should be sometime this month they will have already spent half of it..... and if I am generous let's assume they are left with $300k. Their self admitted burn rate is $60k a month which does not include any type of ramp up for production. 300 divided by 60 equals 5. That's 5 months before they are broke again.
It's the same story that happened with their last financing. On top of it all, even if they do get any orders for the Moto Meter, they will be small. Very small.
Col, all this stuff is basic math, the company doesn't have a chance to make it with the current share structure. Look for a reverse in the fall/winter so they can raise more capital.
