If i can make it i will. If it does include the consolidated...

If i can make it i will. If it does include the consolidated cash of their non-equity accounted investments, it's possible they'll need another cap raise at some point. I can't recall which presentation it was but in one of them they said that a lot of their holding company cash requirements are ~3/6 months of revenue so that could be used as a proxy of how much of that $14.8m relates to their subsidiaries.

Based on their disclosed earnings, most of their assets are still a little while off being cash flow positive. FDV holding company would likely have to tip in more cash at each funding round to maintain their existing holdings (or exercising their options in some cases). Even Zameen which would be the closest to generating cash flow isn't likely to pay a dividend out to FDV holding for a while as they would be focused on growth (and rightfully so).

All this plus the cash burn from sustaining CEO/Board of FDV indicates to me that a cap raise will be likely in the next 12 months. Most shareholders hate cap raises but it all depends on the use. In FDV's case it's an interesting business, just not sure if i'm comfortable with the margin of safety on the current valuation.