With $1.2m of cash burned in the latest quarter, and only $1.6m in the bank (and $1.2m in debt, the majority of which is a loan from EGP capital which is repayable by the end of the year), a capital raise looks almost inevitable here unless management pulls a proverbial rabbit out of the hat. Disappointing.

It is not the best time - capital costs or balance sheet-wise - to make an acquisition. The spiel sounds alright (when does it ever not?), but I sure hope they have done their homework before pulling to the trigger.

Seems like it is worth a small bet in a diverisified portfolio under 3c. Growth is still robust, and with better cost control, the company can spit out FCF that justifies the current valuation.