LOOK had $45.9m in the bank as of March 31stit is NOT usable...

LOOK had $45.9m in the bank as of March 31st

it is NOT usable cahs.

It is security for the SBLC it has on leased premises.

LOOK has a SBLC with 4 covenants.

1 of which is to have a "minimum of $40m " in the bank at ALL times.

IF any of the covenants are breached.....LOOK forfeits the $40m .

and they could go close to breaching this covenant in Q2.

it is NOT defensive money or money which can be used by the company in anyway shape or form.

It is security for outstanding leases.