Short term speculations with shorter's in mind for TFC, page-115

Glaucus says Quintis, which has a market cap of $500 million, doesn’t generate any cash flow and is reliant on raising capital for new plantings, making payments on debt, and paying off earlier investors. Interest payments reached 50 per cent of cash EBITDA last year, while total borrowing has increased by $65 million in 2017 so far. The company’s raised about $1.4 billion in gross financing to date. Glaucus thinks Quintis will struggle to service its debts, let alone pay them off.

Huh????

$43 M cash from receipts from operations, not finance or investing..... sale of product........