Well looks like default will be occurring on the PURE loan without waivering of the convenants (at current cash burn rate)?? Will find out in the next quarterly I suppose? However, they will have these funds in the bank for the quarterly, thus it may appear to have sufficient cash on hand ($1.5m or greater from memory) for the sake of the loan.
However, if it is to then be re-deployed into the scale issues they will (likely) be in breach.
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