"We do not directly manufacture or market products using SPD technology and depend upon activities by our licensees and their customers."
So REFR, what exactly do you do, this perhaps?
"We have funded most of our activities through sales of our common stock to investors, and upon the exercise of options and warrants."
I'm quoting your S-3 by the way.
So for 40 years the executives have been compensated more than total Gross Revenues?