There are a lot of costs that go into a company. They have traveled quite a bit (DC, Michigan, Israel), done trade shows, tested product (read this as given away or at a huge discount), bought raw materials, paid staff or IR, paid for lab, manufacturing, and office space.
I don't think it has all just gone into management's pocket, but these are costs that all recur whether or not they have sold a single unit. This is on top of quite a bit of accrued debt.
I think the most worrisome part is the lack of communication and the way management seems to stay in the mindset of a penny stock company. For example, releasing news after hours on long weekends or releasing a form and then releasing the real intentions later and hoping no one notices.
Transparency and communication would allow me to trust that an investment here is wise. Without that, it makes me question a lot of the news they have released. The EPA award is great. Industrial finishes is great (even though being partnered doesn't guarantee a single sold unit, just that there is a distributor). The rest, I don't believe until I see it from a third party source.
