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MicroVision, the money-losing maker of visual display technologies and Pico projectors, said today that it has just two months of cash left on the books.

The Redmond company — which racked up a $7.7 million quarterly loss — wrote in a report that it finished the period ending September 30th with just $9.4 million in cash, cash equivalents and investment securities available-for-sale. That was down from $19.4 million at the beginning of the year.

The company wrote:

“Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through January 2012. We will require additional cash to fund our operating plan past that time. We are introducing new products into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities.

There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include reducing our planned investment in working capital to fund revenue growth and delaying development projects resulting in reductions in staff, operating costs, capital expenditures and investment in research and development.”

Obviously, things don’t sound to good at the company, which reported $1.8 million in revenue for the third quarter. On the bright side, MicroVision said it is sitting on $4.2 million in product back orders, largely tied an order with Korean consumer electronics company ESPlus.

The company’s stock has been hammered this year, falling some 62 percent to 69 cents. Last week, we reported that the company has been notified by Nasdaq that its stock is not in compliance and could face delisting next year if it does not rise above $1 for 10 consecutive trading days.

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