The 60 mill loan, page-2

Well, the shorters at Seeking Alpha finally got what they wanted, details of the financial covenants:



Calendar Year Ended

Minimum Revenue Base
December 31, 2014 $ 40,000,000
December 31, 2015 $ 54,100,000
December 31, 2016 $ 67,400,000
December 31, 2017 $ 78,400,000
December 31, 2018 $ 84,000,000
December 31, 2019 $ 84,000,000

January to June we generated about $12 million cash.  Together with known outstanding milestones due in 2014 calendar year ($15M-ish), that gives us about $27 million.

So, in order to avoid an expensive amendment to the loan agreement (or miss out on the next debt tranche) the Big Fella needs to bag about $13M in non-milestone revenue and/or upfronts from new contracts in this and next quarter.