|Definitely agree with all of your points. The BOD does not operate at all like a traditional BOD. That alone should be a red flag for investors. Somehow though many longs will even justify it. |
While REFR has had many disappointing years, 2017 has to go down as one of the worst ever, especially when compared to the overall market. In addition, the prospects going into 2018 don't seem nearly as rosy as they were a year ago. Again though, many longs will look at all of the "prospects" and believe that good things are about to happen. Unfortunately, the list of prospects continues to evolve over time with no sustainable revenue generated. For me - after being in and out of the stock and observing for 20 years - I realize that the odds of any significant revenue being generated are very, very slim.
Auto - we've been in the best manufacturer possible for 5+ years and are still only generating about $200K in revenue a quarter. If we can't grow the business with Mercedes, where will it come from? What happened to the second OEM? If it ever happens, a second OEM is years away from generating significant revenue.
Aviation - we've been in business jets for several years, and generate about $100K in revenue a quarter. We have to get into commercial jets, and obviously won't make it there any time soon if at all. I was told by executive management 20 years ago that we were at the "tap in" stage at that time in signing Boeing. So 20 flipping years ago I thought we were getting into Boeing. And we all know where we are today.
Architecture - way too expensive to ever gain any significant traction here. And that's beside the point that there is no supply chain in place to get the film/glass to a very fragmented market. Or the additional factor that architectural glass does not have standard sizes and shapes.
Museums, Trains, Marine - Seriously? The results here speak for themselves. A myriad of issues to overcome before any of these are large enough to make a difference.
As pointed out, the cash flow issue is a real problem, especially with a $1 share price. I can't imagine REFR finding additional investors at this point, but if they do through stock it will be at a significant discount to the market price. Will be a very, very painful and dilutive round of financing.
Add to that the fact that the shorts just made another killing and have more dry powder than at any time in the last 10 plus years.