There are still a lot of things unknown to the market here;notable the forward funding arrangements and the status of the pearls paymentand construction. Those of you grumpy about SAS not having the full funds for the first batchof Pearls must not have done your due diligence. SAS said “The fundsraised under the Plan (and the Placement) will be used primarily for the completionof design, construction and launch costs of the first batch”. Theyhave completed the design and they are spending on the construction and launch. Just as they said. Remember it was never SAS that said “down to the paperclips” - it was a HC poster. In the last CR $15M (minus costs) was raised. Holders should know the cash on hand and roughly what thesatellites will cost to build and launch. Add design and operational costsand basic math tells us it was never going to be enough to fund the entire first batch. At that time I had late 2018 flagged as the timeSAS would need more funds and I had believed funding would be announced in October or November. The project timelinehas certainly slipped 3-6 months. It’s not allthat surprising given the scope of the project, but worryingly some of the delay is caused by the diminishing funds. How long we have left until funds run out Icouldn’t say now, I don’t even know exactly what Gomspace and D-Orbit have and haven’t beenpaid for. I would love to see the finer details of the current financialrequirements, but that won't happen. Hopefully the upcoming quarterly will shed a little more light.
