They have $2.8m cash and based on their own estimate and current...

They have $2.8m cash and based on their own estimate and current run rate it would last them 2 more quarters at max.
So I am expecting a CR sooner than later.

For a start up company like this, you would need to do multiple CRs before the first pilot test begins. Which is OK if they have a staged their cash spend based on the milestones. I don't see the program charter anywhere in 4C. What is company going to achieve in the next 4 quarters and how much cash is required for that? And finally when do they expect to kick start commercial operations?
DYOR