Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

I think that ~7.5m of that cash will be needed to pay for contingent consideration for the Eagle software purchase.

It's not clear what the hurdles to meet that contingent consideration was, but I suspect mgmt may choose to pay in cash (rather than stock) if they believe that PTG is undervalued at this price.

Mgmt have been pretty savvy in the past where they have leveraged their higher multiple to buy up businesses, but we are in a different environment so interesting to see how they plan to navigate the current situation......~18m annual revenues with minimal profits and prob ~5m in the bank come Aug22 is not going to support a MC of 40m IMO.....they have to do something that is going to accelerate growth and looks like their options are down to organic growth