Petra Capital has initiated coverage of Alexium, page-119

I think he's not disputing that part, he's disputing the "they might need more capital part" thinking you mean a capital raising when it could just mean the debt facility he mentions himself.

I can't say my theory is 100% certain, but I really can't see how else they came up with $11 million in revenue first half if recurring revenues only reached $1.5 million a month in the Dec quarter. The rest should be supply for test and trial runs unless others can come up with other possible explanations?

I means there's always chances the company did say $4 million dollars worth of one off sales or something but is that really realistic?