Biggainer wrote: Here is the breakdown of their burn rate.
As of 06/30/2019 cash and cash equivalents of $ 1,134,725
On 08/22/2019 - PP of $17,250,000 minus 6% ($ 1,035,000) for finders fee = $ 16,215,000
As of 09/30/2019 cash and cash equivalents of $ 14,975,634 ( - $ 2,374,091) per quarter
As of 12/31/2019 cash and cash equivalents of $ 12,548,550 ( - $ 2,427,085)
As of 03/31/2020 cash and cash equivalents of $ 10,916,159 ( - $ 1,632,391)
As of 06/30/2020 cash and cash equivalents of $ 9,610,914 ( - $ 1,305,245)
As of 09/30/2020 cash and cash equivalents of $ 8,790,901 ( - $ 820,013)
As of 12/31/2020 cash and cash equivalents of $ 7,880,243 (- $ 910,658)
So according to their financials, since end of 06/30/2019 to end of 12/31/2020 or 18 months, they have burned through approximately $9,469,483 or avg. of about $526,082/month.
I also think the burn rate will be much higher as they go through phase II. Just have to see the next quarterly report to get a much clearer picture as to how they stand financially.
BuenaSuertaAtod wrote: I've read here that $390K/mo was burn rate for 2020. $390 x 12mo = $4,680K for the year.
I've also read here that $7,800k cash on hand remains at YE 2020. $7,800K + $4,680K = $11,480K
In Jan 2020 units were issued that raised total gross funds of at least $17,250,000. Net would be quite a bit less than that. Just the same, if $4,680 was what they burned through in 2020 there ought to be more cash left over from that PP than $7,800K shouldn't there?
Where have my numbers gone wrong?