Today's Performance, page-179

That 9 million dollar amount is inclusive of the CR minus the SPP of 5 million that comes a bit later and thus not recorded in the quarterly. You need to read the quarterly again, it was never 9 + 15 like some people might think. Instead whatever cash SAS has is because of the CR, they did it so suddenly because they ran out of cash.

That 2.8 million a quarter amount you came up with is the operational costs only.

2.8 million/quarter = 11.2 million annually just for the operational cost.

Then we have cost of building and launches of the 20 pearls. Each pearl is 750k X 20 = 15 million.

So SAS needs 15+11.2 million to fund everything = 26.2 million. In reality they have only that 9 million + less than 5 million coming in, both of them came from a CR, the SPP of which was terribly received by SH and thus extremely undersubscribed with the other bulk taken up by now apparently burned sophisticasted investor. You have more or less 12 million funding blackhole, glaring blackhole. Scared yet?