$50 million accumulated deficit will disappear fast once full operations start.
EVERY venture capital play I've ever bought started with an accumulated deficit... Real investors review the past, evaluate the red flags that are there (always some in a venture capital company), but most important they look toward the future.
So I disagree with your comment:
TRTC's operating history resulted in nearly $50 mil accumulated deficit will hamper its effort to get any angel investor's money and not to mention Maryland's state license.
Business Kernel is a process and the governing principle behind a process that when applied repeatedly to the selling of a commodity can produce value for its investors.
Unfortunately, TRTC demonstrated clearly it has a bad kernel at its core.