Cash BurAt Q1/2024, QIPT had $18.3 million of cash. They now have $14.4. That's a ~$4 million decline by my math. A/R have jumped approx $7 million due to change healthcare presumably. However, payables have also jumped $7 million from Q1. That means, as those receivables are collected, it will just pay down payables, and won't generate cash.
Additionally, the company has drawn $2.9 million on the revolver since Q2.
That sounds like ~$7 million of cash burn over the last 2 quarters.