I think the LDA funding arrangement is old. It looks like they...

I think the LDA funding arrangement is old. It looks like they are doing a big dump of legals into public disclosure for unknown reasons.

At the most optimistic $20M in 3 months might be "doing a bunch of low-margin Logo work where the expenditures and revenues fell into different quarters? Not sure, but maybe this is why they haven't fallen over in the last couple weeks - at their previous burn rate, they would be out of cash by now, easily.

All of this is moot, as they don't seem to have a long-term business model, either. Logo may have its ups and downs, but it doesn't seem like a good purchase overall (leaving aside up and down quarters), and the rest of the business seems dead (90% of their revenue is in Serbia).