With the release of second quarter results (via 10-Q, as per usual), REFR has given shareholders a good idea of just what it intends to do with the $5 million dollars it raised last February.
That is to say, they intend to continue their policy of collecting paychecks, as SPD technology collects dust, while making a handful of purchases of stock just to give the marks a cue to follow.
Second quarter revenues of $36,992 are down from the same quarter last year, while the net loss is lower due to a cut in "research and development" expenditures. But who cares. Bottom line, another million in cash was burned, give or take a hundred thousand, leaving them with a bit over five quarters' cash left (as of June 30th). Meaning, the proxy to increase the share authorization by another couple million (because just one million shares at this price level will be a waste of time) should show up just about any time now.
Really, the biggest accomplishment for the quarter was a 30% decline in the share price, to multi-year lows. And even then, the legwork on that was accomplished the quarter before (in the form of the issuing of the shares for the aforementioned fundraising).
Move along, there's nothing to see here.
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