I really don't see it. $5 m in the bank with a burn of $1m per qtr gives them 4 more qtrs, 1 year, to start seeing income.
Since the last qtrly we have seen:
Scharff agreement signed - 1.1m transaction - potentially $200k or more;
Cambodia - Post media pilot expected to convert to full service around April-May say $100k (est.);
growth in Singapore market.
All of which combine to bring the income up and therefor the cash burn should be reduced. So suggesting a CR is on the cards might just be trying to find ways to retard the share price to get in on the game at a discount.
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