Just for the record,

I don't think a financing will happen in 2016 but definitely something else.

Please note that as per POET's roadmap, Denselight did introduce a new product.

Than next, there is POET's detector + TIA (plese refer to the latest MD&A) which could trigger some sort of NRE or JV, I don't know...

If I was a US entity that is restricted to acquire "securities" that are SEC compliant, I would off course require that such registration is completed by the other party.

By the way, securities may take may forms, please refer to POET's prospectus. It doesn't have to be shares and warrants.

Also, I just want to state that we are truly "bless" by all the documents that POET provide as part of there on-going disclosure requirements. There is definitely a great deal of efforts being done to provide highly professional documentation.