This shouldn’t be a surprise to anyone. Cash balance was low (on fumes) and the Qtrly report clearly flagged a CR.
There could have been other things at play to keep the activities going. Would you provide services to an anyone if their public accounts state that are low on cash? Not that I know any specifics myself.
The amount raised and the level of dilution will be a good indicator here before we start bagging the company.
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