No, that's not what was said. They said that at this point they were confident that they would not need to do additional financings to get through 2004, but there were many disclaimers in the statement. Being new to EDIG, you don't know how many times we've heard that said before and it has never once been true.
RP clearly said that if they required more money for business opportunities they would let shareholders know that more financing is necessary. IMO, more financings will be a certainty in 2004. We'll be able to see what they say in the 10Q for 12/31/03 about working capital and the probability of needing more financing.
The current Q will put them further in the hole as losses will be greater than the previous 2 quarters. I believe they will still have a working capital deficit, even with the $1.2 million financing since the deficit was $1.97 million at 9/30/03.
As far as dilution is concerned, that's definitely going to happen in 2004 once the newly registered shares are legally dumped short on the open market. I would not want to be holding trading shares when that happens.