I get where you are coming from. That was my initial thought as...

I get where you are coming from. That was my initial thought as well, why not just consider a debt facility.

But then, reality sets in.

• forecast to be EBITDA and achieve a positive operating cash flow really means little to a lender. What lenders want is net profit and a 'consistent' positive cashflow business. Alcidion is not there yet
• higher interest rates arising from the forecast financial performance, business uncertainties and lack of tangible asset to secure the debt to etc. Do I really want Alcidion to lock in itself for 4/5 years on those rates for something it intends/hopes never to use, while still running a cash burning business? Is this also prudent in these uncertain times. No one knows how long we have to wait before the contracts come through.
• convertible debt security? Alcidion is too small to consider that, especially for the amount raised. The cost involved would be quite significant relative to the amount to be raised I reckon. How do you deal with shareholders who wants equal treatment also?

To be honest, what do I know!