"Therefore, in light of the absence of significant revenue from other sources, we should be regarded as entirely dependent on the success or failure of the licensing and prosecution efforts of TPL on behalf of the joint venture, and the ability of TPL to obtain capital when necessary to fund its operations"

Just think if our BOD / Management had actually treated the joint venture oversight with the importance that this statement demands. Well, I guess when you have big dogs to feed, or you wish shareholders knew how much DD you did, or you are busy figuring out how public companies are going to pay your private company's in-house counsel's salary, you don't have time for this type of minutea!