Spoke/JJZ: Those are very valid questions, however asking them in person will simply get canned responses. In fact, I am pretty confident that you would get responses that are very similar to the following:
1) How can you present yourselves as a credible semiconductor company when you spend 3 times more on salaries and bonuses for 4 employees than you do on R&D? (source: 10-K and 10-Q)
Our salaries are industry standards. We are well on the way to the final stages of our product therefore we believe our expense allocation was fair and accurate. In addition, our partner HelloSoft is taking care of the final development with cash/share compensation. They truly believe in our technology.
2) How can you present yourselves as a credible semiconductor company when you present faked pictures of you product?
The pictures were not 'fake', they were simply graphical depictions of a real life product which we are very excited about. The pictures were later changed due to the evolution of our family of products.
3) How can we have confidence in your leadership as you ask to drastically increase the AS in order to obtain financing when last year, you spent only $360,000 of the $4.6 million raised on R&D yet you spent three times that on salaries and bonuses?
The AS increase is necessary to maintain a share buffer which lenders require. We doubt any of the new shares will need to be issued, since we anticipate revenues by the end of the year.
4) Why did you re-strike the warrant conversion price?
That was a necessary part of the agreement as market conditions change.
5) What did Brad do last year to deserve a $70,000 bonus?
Those are industry standards based on milestones and achievements during the given time period.
6) Why were the proceeds from SIL that went through TSP never openly accounted for? Recall that you promised in a RAQ that the TSP books would be made public so that there could be no question that the SIL funds were distributed properly.
We decided want to keep our technology revenues and SIL revenues reported separately. This is to add shareholder value, as investors want to look at financial statements that reflect the value of the underlying technology they are invested in.
Some technical questions:
One of our many qualified engineers would be able to answer those questions the best, however none of them could be in attendance due to work requirements and tight time constraints to complete the Embarq product.
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