FJ,

Raising money for companies like POET is so common and most often so necessary, that it's a risk I accept right up front and never really think the risk is gone, until meaningful, self-sustaining cash flow is established.  But just like in biotech, until you have perfected your product and are able to sell enough to generate that cash flow, the risk that concerns me most is "will they ever produce that product."   If this product is half as good as many of you techies say it is, then I don't mind sharing it with new shareholders that have contributed much needed cash into the Poet treasury.

Would a loan be preferable?  In most cases yes, but you rarely know the answer to that until after the fact.  I'm fairly sure that any loan would be convertible into stock anyway. 

Frankly (I don't know why I write that word, I always am frank on this board), I'm surprised that we haven't had to go after more money already.  I know we raised some not all that long ago, but our guys have a lot going on, and have hired and are hiring quite a group of people, and not of the minimum wage variety.  I just hope our securities guru, Mika, will not allow us to be manhandled by the brokers like the offering twice removed - still the worst offering I've ever experienced or even heard of.