Ann: Quarterly Activities and Cashflow Report, page-3

Have to spend money to make money!

That being said, it was to much derision I stated they’d have to raise in the coming year. That 10 quarter buffer is now 5 and with the current activities it will probably drop to about 3.5 before 1H24. It’s just how it is, the work is expensive and the spend rate only increases as you get to the cusp of taking a project to production.

If they’re to avoid excessive dilution they cannot push things back again. The credit market isn’t as free flowing as it was at the last raise, premiums are up substantially and interest rates won’t be going down so anyone participating in a raise will want > 15% right off the bat. Unless macro happens to turn around miraculously within next 12 months.

The clock is ticking.