Well I was a little off on my prediction of shares. Moller has issued an additional about 200k shares since the same period last year (according to 10-q). Cash way down liabilities up almost $1m.
As of December 31, 2012, MI had an accumulated deficit of $51,377,818 and a working capital deficit of $12,425,329.
During the six months ended December 30, 2012 and 2011 MI made repayments on related party notes payable of $11,173 and $116,594 respectively.
At December 31, 2012 the Company has $231,380 outstanding related to convertible promissory notes. The convertible notes accrue interest at 10% per annum and matured at various dates prior to September 30, 2012. The notes were not repaid upon maturity and are convertible into shares of MI common stock at a conversion ratio of 15% below the market price of MI common stock at the time of conversion. Discount amortization charged to interest expense during the six months ended December 31, 2012, totaled $68,347.
They also claim to have entered into a material agreement with Athena Technologies but do not say it is an MOU.
Rent expense $91,252
SO, Paul is well taken care of thru various means of collecting money from investors. There is nothing positive to red unless you believe the MOU (which has been a farce other times). I see a drop in SP today as a distinct possibility if anyone other than 4 on this board read their reporting.
Moe is doing better. He now is spending just a bit under FOUR THOUSAND DOLLARS every day (Sat and Sun included). Just look at all he is getting done. Wow, what a bargain. The skies will be thick with Moe's gas guzzling deathtraps any day now. Yup.