Cash burn rate of around $600k per quarter. MC of $4mil. I'm going to guess they've raised somewhere in the vicinity of $1.2mil. Probably at 0.004-5. Although that may be generous because, if memory serves me correctly, the last institutional raise was when the SP was 4c, and they could only get money selling shares at 1c. A similar cap raise discount would be 0.002c, but that would be suicide.
Smart to not go to shareholders here or there would have been an SP bloodbath.
Maybe, if they're lucky, there's two more Cap-raising rolls of the dice left here before 0.001c and a consolidation.
The next 6-12 months will be absolutely crucial to the survival of MEM. Worst possible scenario is if these B class shares aren't sold with in the next 6 months. This cap raise will buy time for MEM to get themselves what they consider the right deal. If they can't get them sold before the bank runs dry, they are in a world of pain.
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