I think it is great to review this interview, which was probably Steipp's best interview to date, even including present time, which is one year later than the date of the interview (Oct 24, 2012).
The facts that I gleaned from Steipp, one year ago, follows:
1) Liquidmetal is not a revenue play. This also agrees with several optimistic posters here that Liquidmetal is a play for "potential" and not "actual)
2) He agreed with the interviewer that it would be 2 to 3 years before any contracts would develop into revenue. This (simple math) means Oct 2014 thru Oct 2015 would be the starting point for revenues. NOTE: Steipp said, "WE BELIEVE" and not that it was certain. He also said, that this is what investors should be looking for - down the road, emergence of a disruptive technology.
3) Steipp, correcting the interviewer, said LQMT did not have just one million and a half in the bank, but that they (Oct 2012) had 8.5 million in the bank and were debt-free. It is now one year later. Steipp further said LQMT will run out of cash at the end of 2013. If correct, Steipp needs to find new funds before Christmas.
(IMO, this certainly points to another round of dilution - not just increasing the authorized as is now in black and white in the prospectus, but, indeed increasing the issue. Note that Steipp uses the term "amortization" rather than "dilution" to describe LQMT's fund raising modus operendi. However, any long term long knows that selling off assets, dilution and borrowing money from Visser, has been the way LQMT has raised funds, without exception.
And again, Steipp said that investors should be smiling about this. Essentially, he said, don't look at what we haven't achieved, but what we are going to achieve. And he further elaborated that investors should only be looking at the number of prototypes)
What I don't understand is how 8.5 million dollars has been spent over the past year, when Materion is absorbing all of the expense of manufacturing ingots; Engel is absorbing all of the expense of doing the R&D for the IM machines, and Apple has been coming up with all of the new patents, some of which have cone to CIP. In other words, someone tell me what LQMT is doing.
Finally, Steipp says that investors should only be concerned with the number of prototypes....Could someone tell me exactly how many prototypes have been produced to date; how many were totally rejected, and how many are still in the running. I mean, prototypes which are commercial production ready.
Remember, Steipp said they were ready to roll, production-wise, one year ago. But the latest PR stated that that was not the case at all. The latest case says that LQMT has only achieved that point within the last few weeks, BUT.........and it is still a big BUTT, that LQMT (most likely, the clients of LQMT) is waiting for Engel to sign off on the testing of the new turn-key machines.
ENGEL has not yet signed off on the TESTING OF THE MACHINES.
