Appreciate you showing your logic. Where are you getting gross margin @70%? If it's assuming bad debts, i think that logic is a bit flawed, but might be a good question for Brad tomorrow.
But if merchant sales keep growing anywhere near the rate of April you only need Merchant Sales to get to quarterly rate of $175M @2% margin you cover your costs (3.5 million a quarter). And given the fact they are only really starting to onboard new merchants through the raft of payment processors/gateways they have made deal with (including Stripe and VISA) why is that growth not possible?
And if you only point is they will run out of cash before they turn profitable. Ummm yeah I don't think anyone could logically argue with that a capital raising will be needed or debt.