Good Morning Junebug.  You did a good job of covering the negatives, and these negatives are real so we should not ignore them.  Another thing that could be mentioned is that the AR120 must first be built, and I seen a note somewhere (I think in the financials) that it will cost about $250,000 to complete that build.

In my opinion, a completed reservoir study and the granting of the first concession will rapidly increase HIMR's ability to get funding.  Also, once the study identifies the quantity of particular woods available, I would expect large orders from NorthCal.  A concession combined with a definitive order is like money in the bank, so at that time we should be off to the races (mudder or not).  So we are at the threshold, and the next few weeks will determine what will happen.

This is a great entry point for just a flyer, a gamble or hopefully for a solid investment.  One should think about this for a second.  We are talking about a sub-penny development stage company as a possible solid investment, and that is nearly unheard of in penny land.  Yet, here we are, and the next few weeks will tell the story.