I am questioning if the bank balance is sufficient to carry the...

I am questioning if the bank balance is sufficient to carry the company forward without a CR. If your cost of production is 21M and you sell it for 20M, it seems quite clear that better efficiencies needs to be achieved. Continually selling shares and borrowing to make up for shortfalls is not the ideal solution in the long run. The expected spend for Mar-Jun quarter is 21.9M. How much sales will they achieve? If they do anything less than 16M then there goes all 5M in the bank. Can you honestly say this is a healthy bank balance in the view of trade wars and the government policy of developing the local dairy industry (Bigger players like BAL and A2M are getting their CFDA (or what it is are called now) licenses delayed)? Then they also mentioned that they are going to go into a JV for cosmetics paid for from their cash which is the same 5M they have in the bank. Seems like they are going to raise money again to make up for the shortfall. If I were a potential investor, it's prudent to wait and buy at a lower post-CR price.

What are your views on this matter?