Whoops!
$29m walked out the door last quarter... That's around $322k each day. It appears I grossly overestimated management's willingness to tighten their belts.
So as it turns out; the $20m raised from Susquehanna is only ~62 days / 9 weeks worth of operational funding...
It's looking increasingly likely that Susquehanna convert these notes at the floor price of 1.9c.
That is to say, in exchange for 9 weeks worth of funding, IMU have printed an additional >1 Billion shares, resulting in a dilutionary event of around +14% for shareholders... for just 62 days worth of funding...
With $36m cash on hand and $322k/day in outgoings;
IMU will have run out of funds by the end of July.
The holders praising this raise have sure gone quiet.
(20min delay)