Lowering the bar on raising funds

No doubt Joe Harary would have liked to wait longer before pulling the trigger on the latest round of financing. Selling just over one-quarter of the two million registered shares, yielding only about seven months' worth of additional capital, has to be more than a little embarassing. But with cash having dwindled to approximately $1.5 million, and no institutional interest whatsoever, it basically came down to "take what you can and hope something develops soon".

It's really almost a case of "why bother". REFR still had a million shares (give or take) left over from the last round of financing, meaning that the current round of registered shares effectively went completely unsold. Meanwhile, the cash infusion puts them back to where they were at the start of last February, meaning they're essentially right back on the fund-raising trail almost right away.

Then again, if you could find people willing to front you $2 million no matter how abysmal your track record and regardless of your complete and utter lack of plans for the money other than "pay yourself a mid-six-figure salary while waiting for someone else to make money for the company", would you turn them down?

See you in October for the ramp up of film production at Hitachi... whether it actually happens or not. Bulletins if anything happens in the meantime, of course. But I wouldn't count on it.