Thanks for the analysis.
Yes, I agree fully that up until now they are "surviving" with the equity line. I have no doubts about that. I have read every report for many years.
I was estimating the future, and assuming (hoping) that they will make the (900K per quater?) break even point.
I am estimating also that even with Break Even revenue, they may want to sell more stock, to start working down that debt.
So, I am estimating that they will still use the line for a year or 2 after break even (unless massive orders come).
I also agree that Dutchess will float more back in, over time.
I take it from your post that you see difficulty in reaching the $4 price, based on current information, without a reverse, or strong increase in orders?
If that is your opinion, then I agree entirely.
I am of course (as an investor) betting on at least a reasonable increase in orders, instead of a split, and (as a long term) sticking my neck out that this is a viable company.
Even if it gets to $2, then reverses to be above $4, then we all do well for our 40 cents.
Later