Ann: Full Year Financial Report and App 4E, page-87

Yes, it would have been good to think they had pre-paid a fair chunk of the first batch. I thought the CR earlier this year was supposed to cover the first batch, but from the cash on hand balance, it doesn't appear so. Meir did say in the CR Q&A session that that cost was covered. Perhaps the upgrade design work of the Pearls cost more than expected.

On the other hand, the fact that the Pearls are paid for as they are delivered, gives them a bit of breathing room to find funding somewhere. I understand they continue to think they can raise funds without tapping SHs.