Yes, that was a very bold statement from Steipp, and honest. However, if they get some contracts going they can extend the life of their cash. Oh, wait a minute, there are million dollar salaries to pay.
I am embarrassed for Steipp. He is earning that kind of money, and really doesn't know their business or have a business plan (trial and error doesn't count). This company could really take off with out his and other "execs" greed sucking the life out of the company.