RE:RE:RE:RE:Going concern? Definitely not the last financing...As far as AR is concerned, it is implicit in the cash flow number and since DSOs are increasing, it actually consumes cash. If they can get their DSOs down by even 10 days, then that will be a source of about $14 million, which will help to close the gap.
Fair point on AP, so for fun, let's remove AP from "F". Removing it reduces the shortfall by about $38 million, which still leaves a huge gap which needs to be solved with new financing, refinancing or equity raises.
On convertibles, they are unsecured but they rank higher than equity. So you would expect to see equity declines first (which is what is happening). To your point, the pricing on those will be a pretty good signal as to how bad things are.