I'm sorry Tom, I don't see that. Here are my numbers. Please let...

I'm sorry Tom, I don't see that. Here are my numbers. Please let me know where I am wrong.

cash at end of last quarter was about $2mil. Burn rate per quarter is about $1.3mil. Fred's shares will be paid via the approx $3.3 mil of loans he is owed. $2.3 mil for the shares and about $1mil returned to Fred. So if Fred's deal goes ahead first, then $2mil - $1mil back to Fred only leaves about $1mil to fund the current quarter. Basically, they would be at risk of running out of cash.

So EM's deal has to be first if those numbers are correct unless some other funding arrangement is made.