I think management expenses are a little high too but what can I...

I think management expenses are a little high too but what can I do as i like this story. U shave 1/3 off you save roughly 1.2m. Thats not an enormous difference to a company thats growing, and has huge potential. It mightnt look good in a loss making company but you have to do some spending. I think asking the firm to spell out expenses in greater detail is time wasting but each to their own. Sounds like my work checking up when i go for the extra bottle of wine on the Amex. Also that extra bottle has helped nuture relationships ive had for years adding P+L consistently for many years , lets call it my own ARR. The $80 bottle has paid for itself many times over.So I reckon that $3.7m expenses might contribute more than $3.7m ARR over 10 years
You also mentioned the previous report - couple of things : Dont look backward look forward - This year the loss will be less than half last year , the next 2 quaters are likely to be about $8m vs $20m for corresponding quarters last year, and the next 2 should be slightly better. I expect this stock to rally into or after the quarterly announcement which is 6 weeks away depending on global markets and secondly when you pick bottoms you can end up with a dirty finger so dont wait too long

A capital raise now would be very conservative by management , im thinking a raise around the 50c mark is much better after the quarterly - lets see what happens

.
I also did notice that this stock is sitting right on its trendline on a weekly chart of the Dec 16 low. So watch for a possible reversal