Question-and-Answer Session
Operator
Thank you. (Operator Instructions) And we will take our first question from Ron Sanchez with Spencer Edward.
Pierre Dubois
Hi Ron.
Ron Sanchez - Spencer Edward
Hi Pierre. I just wondered if you could just say something about your cash position, your burn rate, and whether or not you think you have to enter the debt or equity market.
Pierre Dubois
Sure. I will refer that to our controller, Don who can basically take you through that, Don you want to comment on that?
Don Gottschalk
Thank you very much Ron. This is Don. The -- our cash position as of September 30 is at [$3] million and we have been able to raise our funds or maintain our position through both equity -- through both equity loans from our benefactor and the issuance of stock.
Ron Sanchez - Spencer Edward
Okay. And just one other general question, do you think is it the high price of batteries that has been a difference, I mean, your sales or is it just the economy and the high price of fuels or is it just a weakness of the customers at this particular stage?
Pierre Dubois
Well, I think it is a little bit of all of those. Certainly the economy has caused all of us to take pause, that’s one. Number two, I think the players that have come together are not what they are they once were. We are getting used to each other; we are now working on multiple projects together. We are referring opportunities to each other, and perhaps that has taken longer than we expected to mature, but it certainly has and we are enjoying those relationships as we speak.
I think it is also interesting to note that most of the progress that is happing in Europe is happing around our different group of people that are putting the motors the batteries and integrating the systems and the chassis together and then we ever knew before. So, there is a maturing process but I would tell you that there are some very, very nice designs we are getting great reports back performance in the fuel testing a number of our customers are complete with our qualification and we now are working on supply agreements and the by the way we intend to complete those supply agreements and make sure that these are credible customers before we bring forth stress which would explain a little bit about why you maybe seeing impressed from our customers are not us yet. But that will rectify itself over time.
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