RE:How did we lose $5 million in cash Joke aside, the Coporate Presentation sates that $70M figure is from the cash position at August 31 ($26.8M) plus net proceeds from the offering ($46M - 6.25% = $43.13M).
Indeed, 26.8M + 43.13M = $69.93M
So if the CEO was talking about the current cash position, then we have to assume the cash position right before the offering was of about ~$22M.
So therefore, the company managed to burn around $4.8M of cash all the while it recorded its best quarter ever and didn't even have a trial running yet!
No wonder the board was trigger happy about that deal and so much for the legacy business not being important.
Because even in a bubble, even if investors would pour obscene amounts of money into the most crazy idea, there's one thing they would never ever want to fund on good terms: the losses from an unprofitable company.
SPCEO1 wrote: between the publishing of the corporate presentation this morning and the B. Riley presentation this afternoon? The corporate presentation says pro forma cash post the offering is $70 million while Paul mentioned $65 million on the B. Riley call. I hope they did not spend it on lunch today!