What is interesting is why they did such a tiny capital raise...

What is interesting is why they did such a tiny capital raise when it would appear they are going to struggle to be cash flow positive in the next year.  For a tech company with some first mover advantage and creating a network effect in terms of coverage you would think it would be a cinch to get a lot more cash on the table and really ramp up marketing. 

I mean is all well and good to say you have 4.2 billion annual passenger mile coverage but you need to actually reach and serve some of that potential and it would seem a much bigger marketing spend could go towards achieving that. 

With the latest quarter of 85,000 passenger trips that means their market share of 4.2 Billion is 0.0085% of share ( using Q annual passenger miles no annual). If they could even move that share up to 0.5 % then we are talking approx 500,000 passenger trips and we are making money big time. And that is just for 0.5% mkt share.

So at moment they are inching along and look like they will need another capital raise in next six to nine months. Also I dont see where they actually say cash burn will be under 2M ? Did I miss something ?