I think it is fairly safe to say that with this report the technological risk continues to diminish. What BCD is suggesting and I tend to agree is, the financial risk continues to exist and is not diminishing proportionate to the technological progress. 

They have approximately $14M and change, which Management suggests will be sufficient to fund approximately 12 months of operations. Based on what information is available to assess this statement, it appears reasonable.

Given that the existing cost structure (adjusted for non-cash expenditures) for 2016 is $2.5 for R & D, $6.0M for SG&A (total $8.5M) and, assuming Revenue funds the cost of sales, it leaves another $3.5M to fund capex and working capital requirements. So assuming that captures all the material cash expenditures the monthly burn based on 2016 is approximately $1M per month.

It has been pointed out and rightfully so; management holds all the cards when it comes to information and they suggest there is adequate funding in the near term but as BCD suggests, history suggests otherwise and in the absence of other material financial information, I am of the same opinion.

While we may not expect another financing based on the technological progress, don't be surprised when another financing is proposed. My only hope is that if a financing is announced, then it comes coincident with a significant announcement sufficient to drive the SP to a level where the financing is viewed as a fair and reasonable growth proposition and not bridge financing.