RE:additional
not exactly, sorry again to jump in here, but
they 'used' $5.6mn (the lowest burn in 4 quarters)
they 'lost' $4.3mn due to FX fluctuations, I suppose they keep at least some of their cash in CAD, which would explain that drop
I think you add the two to get to your $9.7mn used up
I don't think anyone will assume that they will keep losing that $4.3mn each quarter for perpetuity, but feel free to do so... keep in mind that there is a world where the CAD$ appreciates (or simply stays flat) against the USD$, it has happened in the past :)
but look, the shorts have not materially covered anything up to Oct-31, and I suppose they are betting that this is a zero, it possibly could get there, but it's going to take a while during which, some may lose patience and choose to cover (Assuming the business itself doesn't surprise to the upside)
I like the risk/reward notably when you add the fact that the CEO owns a s%^%-load of stock and that he is humble enough to pay himself a pittance, typically not characteristics seen in a highly-shorted stock (especially not when it's trading at net cash)... also considering the size of this business, the aggregate amounts to be earned by the shorts - assuming it is a zero - is like CAD$3mn... that is a pittance that tells me the shorts are most likely retail investors. Now some of these retail investors may know what they are doing, but some may not fully grasp that a total short position of 1.7+mn shares on a stock that trades ca. 35k per day is an extreme outlier... and it's like a blanket doused in gasoline hanging next to a chain smoker...