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.
BASF hasn't been the only source of revenue, but Nanophase has definitely relied heavily on them. I guess it hasn't been mentioned here because most of us figure proper due diligence should start with reading the 10K and 10Q's where that information is readily available. If the new energy products are successful, the reliance on BASF could change quickly.
There's little doubt in my mind that the share price will be much higher this time next year not because revenue will have increased substantially but because there will be a better understanding of the growth that's coming in 2015. I liked that fact that Jankowski alluded to new investors coming into the stock.