KIOR reported to the SEC that it drew $10 million as a loan from Khosla on August 27, 2013.
This is the last of the available funds under the $50 million loan facility and future funding of the company will have to come from another loan or an issuance of equity. The real question is can a new infusion of funds be accomplished????
This last draw is the fifth monthly draw of $10 million that has occurred each month since May. $10 million is approximately the monthly cash loss Kior the gangrene company “enjoys”.
Now the proverbial rabbit has to be plucked out of the hat by Condi Rice and Vinod Khosla to raise more funds to keep their charade of replacing oil imports alive and to get their alchemic process of turning pine into diesel into a business reality. The once free Obama/Chu money for junk science is no longer available and Condi will need to look to real investors to save the company. Remember Condi is paid handsomely to be Vinod’s “strategic” adviser. I have to wonder what strategic advice she really gives his “ventures”.
If Condi pulls off the funding she will be more famous than Lee Iacocca was for saving Chrysler. If she fails she will be facing dozens of law suits without the help of corporate funds. She had immunity of office for her role in the fake out leading to the war on Iraq, but as a director of a public company there is no immunity and amnesia and incompetence is not a defense.
Condi claimed on an ABC interview with George Stephanoupolis that Donald Rumsfeld once accused her of being “bright”.
Well when it comes to thermodynamics Ms. Rice is plain stupid. Yes Condi, Kior has shown the reality of her dimmed brightness. I find it rather sad that such a “bright” lady got involved with Kior for a mere quarter of a million of now almost worthless shares.
I hope that CNBC or Bloomberg can get an interview with Condi and find out what role, other than making false statements about the thermodynamic reality of Kior, she had at Kior and at Khosla Ventures. She thought beating Iraq was going to be a slam dunk. She told us Kior was a reality. Next she will tell us we need no fossil fuel to get to where we are going.
Kior’s stock traded at $2.21 on Friday, just less than half of its price a few weeks ago when the “analysts” were expecting between 300,000 and 500,000 gallons of alchemic oil from Kior in the second quarter. Watching what Kior does is going to be fun and the action has to be this month before they run out of cash and layoff over 100 people who have those high paying “manufacturing jobs” Obama and Barbour promised.
As for Vinod Khosla he is a three strike out guy. He brought us Cello, Range and now Kior. Vinod may have made some bucks on Sun Microsystems but he is clueless when it comes to thermodynmics. Sun claimed to put the dot in dot com, Vinod put the lose in cellulose.