I didn't get a chance to weigh in on the OP's original post, and I haven't read any of the replies yet, so here goes . .

I think it's just a matter of more time (so I'm picking #1).  I think they have enough money for the remainder of this year, but the MD&A did say they would put plans in place for another financing.  They may not follow through on this plan (if they get enough cash another way), or they may wait until the SP is higher to raise the cash they need for Q1 2013.

As for the others, I don't think there are any other projects once their work with NASA is complete.  I haven't checked back, but the PII SBIRs might be exhausted by now.  This would mean that POET is going to be funded by more financing or sale of assets.

If there is a real problem with POET (either temporary or permanent) they can't announce it until closer to the end of Q4.  It wouldn't make sense to do so since as many have pointed out there is lots of time to hit the milestones set for this quarter.  I would hope to hear about any snags in early December, complete with an explanation and also an updated corporate presentation setting new dates fro the milestones.  Of course, if there is a serious problem with POET they should tell us soon, and then a PP would be moot. Nobody is going to enter into a PP with only the possibility of producing an IR detector (which they have almost all of the components for) and nothing else . . .

About the possibility of the MS being completed but the announcement strategically withheld, I don't buy it anymore.  If the goal was to increase the SP, then it would have been best to announce 2 weeks ago.  They could have awarded options to the POET team when they hired Shepherd and then let the news send us $1+ -everyone is happy.  The only thing I can fathom that allows for them to avoid announcing completed milestones is if it's technically not material news.  I was told on the phone once with IR that any milestone WILL be announced on completion as they are critical.  We know that each MS adds real value to POET by adding more capabilities, which in turn, make POET more of a one-stop-shop for functionality.  OPEL has never "officially" endorsed their own milestone time line in an NR as far as I can remember.  There is a weird partition between the corporate presentation and the info given in the official NRs.  So who knows?  Maybe they can hold the announcement until it is most effective to release it.  But again, I tend to think that time has passed in the short term.  It's going to take another encouraging NR to get us back to the 50s