current cash position

This company is looking pretty stretched. As we know the oppies are at 5c and expire in 8 months so the chances of these being in the money and being exercised is looking more and more remote (my fingers are crossed).
Cash outflow was $1.3m in the first quarter and $0.5m in the second with a cash balance of $2.2m as of 31 December.
If we give them the benefit of the doubt and say $0.5m is the outflow each quarter then 2 months from now (30 June) the cash will be $1.2m.
The convertible notes expire as of 30 June this year as well and they are $0.701m which leaves $0.5m in the kitty on 1 July. Only hope here is that the C/N's get converted into shares however the conversion price of 3 cents is looking less and less likely unless they have some tangible positive news flow that will impact the share price.
This makes a capital raising at a ridiculously low share price seem inevitable in the next few months.
Any other thoughts?