Ugh... page 7 has some disappointing news:
"Management is committed to making this vehicle available to the public as soon as possible. However, we have encountered delays resulting in a slip of approximately two and a half years to the production schedule. Approximately nine months of the delay was attributable to the refinement of project scope as new technical information became available. We note that notwithstanding the sophisticated simulations that have been run to date, it is possible that vehicle testing in the next twelve months may uncover technical issues that may introduce a further program delay. "
"As disclosed Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operation – Plan of Operations,” we must raise an estimated $312 million to fund production. Our anticipated production timetable is therefore highly dependent upon receiving such funding in a timely manner, and delays in obtaining additional funding will delay our production timetable.
And the $312 million is repeated on page 13:
With the development risks addressed, we will then be in a position to raise larger amounts of capital - to be up to another estimated $312 million to fund production activities.
and on page 14:
We will need to raise additional funds to complete prototypes, testing and move into production. As noted in the chart above, we need to raise an additional estimated $312 million to fund production activities in the next 15 months and are pursuing multiple options for such funding. The funding will come from a combination of sources discussed below, as well as more traditional sources (not discussed), such as venture equity, debt arrangements and capital leasing on equipment.
Sigh, I thought $240 million was a challenge; now they appear to need ano