Above is actual 5 years of cash consumption which is directly correlated to any current prospects. Yeah, you can back to find higher numbers but that would be just massaging the data to try to make point you cannot win.QSEP overhead and foolish spending have historically been completely out of whack with what they are. Now they are back again with another prop and story to tell but they are just a glorified college experiment that has access to public funds and unregistered securities. So 253K goes out every month and this doesn't include the mounting licensing obligations due Temple and the numerous other obligations the company is on the hook for....Now over a million due Temple now collectin 10% per annum in interest! BTW year is no over yet.
P.S. You also failed to accurately read the 10Q regarding the estimate of how much cash is on hand to fund operations. The 10Q clearly states "from October 1, 2019 up to November 13, 2019, Company issued 3,535,714 shares of common stock upon conversion of previously issued convertible notes in aggregate value of $247,500". This when added to the $505,000 remaining on Sept. 30th should get us well past Jan.
Apparently, the QSEP accountants differ with your opinion
From 10Q:
At September 30, 2019, the Company had cash on hand in the amount of $505,000. Management estimates that the current funds on hand will be sufficient to continue operations through January 2020, or, subject to actual costs incurred implementing design modifications to our AOT demonstration project described in Part I, Item 2, October 2019. Management is currently seeking additional funds, primarily through the issuance of debt and equity securities for cash to operate our business, including without limitation the expenses it will incur in connection with the license agreements with Temple; costs associated with product development and commercialization of the AOT technologies; costs to manufacture and ship the products; costs to design and implement an effective system of internal controls and disclosure controls and procedures; costs of maintaining our status as a public company by filing periodic reports with the SEC and costs required to protect our intellectual property. In addition, as discussed below, the Company has substantial contractual commitments, including without limitation salaries to our executive officers pursuant to employment agreements, certain payments to a former officer and consulting fees, during the remainder of 2019 and beyond.
AI
