"His chart stated that financing was planned to be finished by this time next year."
"Their burnrate of cash is currently 1 million per month"
"burnrate of 1.5-2 million is expected. At this time there is 7 million in the bank account."

From your post I see a conflict in numbers. Even at 1 million per month that cash will only last until mid May. If they burn 2 million

for any two months the kitty will be empty by mid March. So what will they do from March or May until this time next year?

It is obvious to me that the first quote is a stretch at the very least. I am surprised that it was not noticed at the meeting.

And options passed with 85%!.

Now you all see why our sp is where it is, more dillution is comming and the management is covering up.