Investor Visa and small caps, page-14

I think GC is careful with his words, but the people that hear or read his words don't give the nuances enough consideration.. Here's one example:

"3 - The company even without completing the deals we are all waiting for believes there is enough cash for 2-3 years based on their target burn rates" - I understand this is just one shareholders interpretation, but even within this interpretation there is a big qualifier that is ignored - "based on their target burn rates". Well if you change the burn rate and decide to spend more on a completely new application of your technology it is likely to change things. A company should always be able to change its target burn rate if it sees opportunities that it thinks is worthwhile to do so. And i have not heard that the company has ever committed to putting on such a straitjacket.

The company made a choice to raise capital to investigate a new opportunity. It was not forced to raise capital because it was about to go broke.

The thing we all need to be mindful of when others pass on information is how the message can be distorted like a game of chinese whispers. I've seen people refer to company statements (not just ADO) saying things like, "there will be no dilution for the next 12 months"; but when you look at the company statements itself, it is by no means unequivocal as such an interpretation. You find a bunch of qualifiers, e.g. "No need for dilution to fund our core business based on current plans/current burn rate" ... and you might even find other qualifiers "but the company is exploring a range of other opportunities". New opportunities rarely come cost free. Plans change. Sometimes for the good, sometimes for the bad.