A very myoptic view gordonhead:

hard to use positive language when you show a greater loss each quarter...all those fluff statements at the beginning mean nothing...so they joined some forum and had an exciting this or that...they have yet to sell anything of significance and with the burn rate being what it is and with quater over quarter losses rising it only means one thing...how else are they going to stay afloat if not more financing?

I don’t think staying afloat for the foreseeable future is going to be a problem. And yes they certainly will need to do some form of financing at the right time in the future unless future development work on advanced systems are supported by partners that want in.

Fluff statements? Burn rate means only one thing…how else are they going to stay afloat?

So where is the big money drain? The cost associated with  production out of SPX is covered by the JV. And development of new applications include both NRE and are supported by the Singapore Hybrid-Integrated Next-Generation Microelectronics (SHINE) Center in the College of Design and Engineering at the National University of Singapore (NUS).

$17.6 million in cash March 31. Add $6 million from the debenture warrants a year from now. That alone is $24 million. 

And production out of SPX is expected by the end of the year and continue to ramp to high volume capacity afforded by the wafer scale production, testing and burnin.

From the MD&A: 

Form additional partnerships in target sectors to establish fabrication and sales operations globally. Currently, the focus of SPX is the data and telecommunications market, specifically limited to building Optical Engines for 100/200G and 400G optical transceivers. The market for 5G interconnect applications is a closely related market, but one which necessitates further planning regarding how best to both enter and supply. As a platform technology that is applicable to many vertical market applications outside of optical transceivers and 5G interconnects, our strategy must include the ability to identify and exploit a variety of different applications. To do so, the Company needs to form additional partnerships in those market segments and to design appropriate strategies for the fabrication of devices whose functions will be materially different from those of transceivers and with correspondingly different distribution and sales. The form of such partnerships may also be different than what was established for transceivers. 

Gordonhead, can I ask you a question? Why are institutional investors building a position now? Why are they not waiting for a potential future financing that in your words will keep this company afloat.