First, the money. They got $9.9 million from their IPO http://www.zenyatta.ca/article/press-release-152.asp, $12.6 million from their $1 warrants http://www.zenyatta.ca/article/press-release-1288.asp and $2.1 million from the previous share offering http://www.zenyatta.ca/article/press-release-1385.asp. Won't count the rights cash, as they haven't spent it yet. That's $24.6 million. I know it's over their entire lifespan, but they are still in need of a flowsheet that inspires them to advance to bulk. I understand constant refining of a process. ZEN has not reached an acceptable process yet, so I don't think it's the same as tinkering with what works to improve efficiency. This is trying to get to working efficiency.

You say you don't know the financial situation of the insiders as far as their purchasing shares. Neither do I. But Tom Mustapic managed to buy some by selling some he owned to finance it. Seems logical to me. And when you say they already own a lot, are you aware that more than half the board own zero shares? They have options, and that's it. And Chahar has 22000 shares he bought after his hire. That's it. If this is can't miss, why wouldn't they have taken a loan to buy more shares, especially at a discount? And they are the ones who would know whether ZEN is a shoe-in for what supporters are expecting.

You like the quality of the news from the two end users. The Ballard report compared ZEN to a baseline synthetic graphite, without giving the actual parameters and figures. They go on to say that "if Zenyatta's hydrothermal graphite can also be low cost compared to existing synthetic graphite, it will facilitate fuel cell cost reduction and market penetration. So I guess they haven't demonstrated low enough cost yet for Ballard's needs. Not a glowing report, just that it is comparable to the baseline and may reduce costs. You are entitled to like that. I think more is needed. As for the graphene in concrete feedback, it sounds promising. But there are many others ahead of this collaboration, and several patents already exist, so where it ends up is anybody's guess. You'll jump on me for suggesting this, but Ben Gurion gets a subsidy to study graphene, which they get for free from Zenyatta. That's a good deal for them.

Finally, this was your statement : "As for the share price, the market often misprices a stock. Eventually, the market will get it. Hang onto your shares." http://agoracom.com/ir/Zenyatta/forums/discussion/topics/670800-banned-members/messages/2101230#message I don't think anything was twisted. You said the shares would adjust, so hang on. That's all I said you said.

Look, I've mentioned before that ZEN investors see everything through rose coloured glasses, while those on the outside don't see it quite the same way. You may still be bang on, and the stock price will soar. But it's not there yet, and many of us think it's really got a ways to go. Both sides make a market. Good luck.