The key words in that snippet of prospectus that you quoted is "to progress". You should have bolded those words instead of the other ones. In my view, to progress means to move closer to end goal but not necessarily to completion. The progress could be so miniscule that it is insignificant to the grandscheme of things, however, you could still technically call it progress, as tenuous as that would be. So personally, it could be that SAS is saying that it has enough funds to keep the operation "to progress" towards revenue but would be mere PROGRESS towards revenue generation instead a complete journey.
So how much progress to revenue generation would SAS be able to manage with current amount of funds? No one knows for certain, but in my view the progress could be very insignificant until they can do another CR at 1 cent or able to secure a bank loan. In my view, any significant bank loan is extremely unlikely. So in my view, there is no guarantee that at present SAS has enough money to carry them through to revenue generation stage. To me the words are obviously tailored to that uncertainty. Some may think that the words suggest that SAS is funded to revenue generation but I believe they would be absolutely wrong.
It is useful to remember this announcement on 3Ds revenue:
The words used are things like, "commenced generating", "generating", etc but they didn't really say "generated" or "has generated", etc.
So in my view then, no bank loan = future CR at 1 cent.
So how many pearls have been constructed so far? In my view, none, because:
and
So my understanding suggests that CDR would need to be completed before any construction can begin, including batch numero uno. Logically speaking, if SAS owed gomspace payment for the CDR and only paid after the latest CR then surely it makes sense that no significant manufacturing has been made on the pearls? I think so. So if no pearls have been made or if only a couple have been made then how would 5.4 million be sufficient? To launch, pay insurance, logistics for end user devices, terminals, ground stations, commercial agreement with carriers, etc? In my view, no way it could be enough even if SAS manage to switch to much cheaper launchers.
I wonder if SAS has paid D-orbit for manufacturing of the deployer?
