I think some of that is due to the fact that nanotechnology is just now coming into its own. I believe when Jankowski took over as CEO a little over four years ago he had a much clearer vision of how to take them from the lab to commercial production than former management, also; however, his first task was to get the company through the recession intact. He's done that. Nanophase is debt free, and it's focused on promoting a few products with immediate commercial potential rather than throwing money at lots of things and hoping one of them "hits". The next year should tell the story of whether they're on the right path or going down the same old road. If the company is going to be successful, they will announce one or more nice contracts in the energy field; and we'll see them moving toward cash flow positive.
Waiting for this company to make money is like pining for the young lady who turned you down for prom in high school; pining for her even after she has gone on and got married and has had 6 kids. Ain't gonna happen.