This is merrily speculation but they clearly left open the opportunity for debt raising. (Which is fully fine by me). I think they will be looking to expand to Canada. Easy enough to capture Vancouver, Toronto, Quebec, Calgary and Edmonton.
We know we have approx $9-10 million cash. US will mean cashflow positive shortly after FY17. That means they can either wait 2-3 quarters after to start Canada but usually they want to capture at least 1 year worth of graphics before engaging clients so it is possible they'd get their planes up shortly and then by the time all is cashflow positive they can start sales. I reckon they can potentially use their US sales base to conduct sales in Canada.
All IMO. I still don't see the need for a CR when they can probably get cheaper debt elsewhere.
