I don't think the 4C will be pretty. All the LJ cash was spent...

I don't think the 4C will be pretty. All the LJ cash was spent plus a further 400k loan was needed on top of this.
My guess is a 4C showing lots of cash out and little cash in, with an accompanying commentary explaining how all the recent contract wins required big up front spending.
Then in a few months the next poor 4C will be explained by project delays out of the control of management but reassuringly the delays will be explained as only timing delays. In the mean time the money raised to fund growth in contracts will in fact be spent on fat salaries. Directors will come, directors will go, change in business strategy, hyped sales forecast, raise more cash, rinse, repeat. It's getting old.