I'm pretty sure the discount involved for the risk

I'm pretty sure the discount involved for the risk of holding the shares for a minimum of one year is around 35% instead of 50% and assuming that to be the case your analysis is even better. The thing that some people refuse to understand (or deny for other reasons) is that market share has to be built up and does not happen instantaneously. We are something like five months into the hiring of a marketing director with experience in the medical sector. I am going to assume that with the packaging tech and the soon-to-be commercialized addition of the N-Assay tech that the revenues would be growing and continuing to grow. We have seen a listing of some of the current buyers and there are a respectable number. As they become comfortable with the tech and figure out the best ways to utilize it in their specific areas of activity we can expect that users will help further market the NanoLogix products.

The 126 million outstanding share figure is (I believe) right on point. The CEO and Board have done a great job limiting dilution and should be commended for that rather than criticized through the use of scary claims that they are selling Pipes irresponsibly. My guess at this point is that any share selling is being kept to an absolute minimum and that some "cash flow" bridge needs may well be met by temporary loans. That is what I would do if the situation allows and my impression is that the NanoLogix CEO possesses the insight and skill to utilize such an approach.

There might be capital investment needs related to possible expansion depending on developments with the N-Assay and we would have to assume that such unusual capital requirements could be funded through sale of shares directly connected to that strategy. But otherwise my impression is that operating needs are likely largely being met by product sales. From my point of view I don't want to see financials until they demonstrate very significant sales volume, substantial profits and an rapidly rising volume and profits trend line that has been sustained for a long enough period that the "bashers" can't play their creepy game, "shorters" take a bath even though nothing will really remove their stench, and a broad range of investors and share buyers say "Wow" we better get in on this.