Q4Decrease in margins due to pressure on market.
$10M less in cash Q3 to Q4.
Trend of cash burn continued into Q1 as a need for short term cash injection of $7M.
Most likely only have $14-15M cash on hand today.
The $7M gives them a life line to survive until June but unless they are able to significantly able to ramp sales, sell prop business to pay down debt, or re-finance in next 3 months which will provide to be difficult with the additional economic headwinds I do not foresee how they can stave off additional massive dilution of the sale price, bankruptcy, or being acquired. The latter being the least likely as no canadian LP is in need or looking for additional production capacity.
I'm holding shares and underwater. Was hoping for some improvement but after this don't see how they can turn this out without further loss to the shareholders.