Good find McWitty, from the link:

http://www.performancebusinessdesign.com/attachments/File/Analyst_Reports/POET_Technologies_1502.docx

1.1 Asset Performance Factors (1 TO 7)

1.1.1 Blue Sky

Lots of blue sky since this is a new technology

1.1.2 Competitive and IP risks

They have 34 patents plus 7 pending ones

Others have been trying to bring down the costs of this technology since GaAs is more efficient than silicon

Presently no competitors

They are licensing the technology, so I sense this can be reverse-engineered

1.1.3 Product Mix

Reasonable product mix. They can package this technology in numerous places.

That said, it is their only product

1.1.4 Technologies

Sounds great. Cheaper, and novel.

They need more development milestones before it is ready to roll out

1.2 External Performance Factors

1.2.1 Peer Valuation

There aren't any.

1.2.2 Marketplace (competitors, financing environment, demand, supply)

Huge demand for chips.

1.2.3 Business strategy

They plan on licensing their strategy to large foundries. In general I don't trust nor believe in licensing arrangements over the long-term since those majors want the technology for themselves.

1.3 Internal Performance Factors

1.3.1 Financial Strategy (capitalization)

2-3 years of cash is great

No needs for external financing for awhile

Low overhang

1.3.2 Management

No mention of accounting (CFO) experience

Management has good depth of experience

No mention of marketing experience

Low G&A to MV ratio of 3% tells me they are well-run financially

1.3.3 Marketing And Operations

Doesn't apply yet