Financials Question for some of the posters here that review the financials:
In the LIFE offering they said they had approximately $1M of working capital as of October 26, 2023.
However, the MD&A shows they had $226,197 in working capital as of Sept 30th. The last cash raise of $460K closed on Sept 7th, so that was already included and there were no additional funds raised until the Nov 29th closing, so the only conclusion I can come to is that they appear to have overstated their working capital by almost $800K in the LIFE offering document.
That additional $800K is roughly 2.5 months of cash runway, which I’d included in my expectation for them to easily get to March/April before needing additional funds. So, unless someone can point out where my calcs are off (I'm all ears...), I’m assuming by the time this latest raise closed they were at negative working capital and the $1.17M raise gives them a lifeline until end of January (using monthly burn of $325K) before needing to push out payables and put out the begging bowl once more, likely in February. Perhaps they will be working furiously to try and get BTD submitted so they can PR that milestone just prior to doing another pp.