There's no requirement - and typically you're right, it is to...

There's no requirement - and typically you're right, it is to cover debts, but to my understanding its any financial obligation.

i.e, if 12 Months from annual report signing date, it is estimated that their cash burn is going to be say $60M (just for example purposes), and cash is $41M, there's inherently a hole that needs to be filled with either a) Capital Raise b) positive cash flows c) Bank overdraft.
Are they going to fill with revenue? do they have overdraft facilities available to cover? Will the options exercised cover it? will they be successful in another capital raise? + other than cash there's no real liquid assets they could maintain cash from.

I think for the purposes of this thread its a good discussion about them - I don't think they're a going concern risk at all, but its like prudent for them to raise cash, so at all times they have a minimum of 4 quarters cash at all times to prevent any second guessing.

I just think in the next 2/3 quarters, with the exception of positive cash flows (Hopefully!!!) they will look at raising again. Especially if the price doesn't look like it'll hit the $1.34 for the options to be exercised.

But happy to be proven wrong!