Summary of the call. Best notes I could take on the fly – not trying to mislead anyone.
No Hauck on call.
Steipp:
In 2016, LQMT closed on 9 orders so far -- six prototypes and 3 production parts. Three of those happened in first quarter and six in the second quarter (no breakdown of which happened when.)
The number of RFQs is “increasing steadily” – (from me: stark departure from prior calls when he listed exact numbers.)
Engel symposium mentioned again – (from me: LOL)
Started conversations with MSRs in Europe, plans for sale reps there by year’s end.
LQMT has real need for additional capacity on front end – adding application engineers; adding product design engineers.
Funding:
Currently working closely with Mr Li to close on the remaining $55 million.
Steipp spoke of this as a foregone conclusion.
Chung:
-- 2Q: revenue was $34,000.
-- $1.8 million in expense in 2Q.
-- R&D expense increased to about $620,000 in 2Q.
-- Ended 2Q with $8.1 million cash; $1 million restricted cash at end of quarter.
Steipp:
-- Bookings for 2Q $221,000
Other:
-- Steipp spoke of Li’s funding efforts to complete deal: Steipp all but said he is making every effort to get the funds … but Steipp said LQMT is keenly aware of challenges … doing everything can to get funding within time period. (from me: this could be construed as warning)
Just one questioner!
-- Can Li get out of deal? (Steipp referred to contract)
-- Apple deal extended? Steipp: Apple has not been extended to this point. If it does, certainly announce it.
Again, don't kill me if I mixed up something here. Not my intention.
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