The burn rate will increase with every addition to the office and support staff as needed. Therefore in my opinion there is not 8 quarters of funds remaining. Good people need good pay and $20 million is not a lot of money for a group of six figure salaries. I also find it difficult to fathom that there will no further capital costs to incur. Right now there is a skeletal staffing structure with the top brass in place and limited support staff including our own engineers. Many others are to be hired and in a short time frame. So, I say, 18 months, but likely less with the available funds as processes increase. Given that, there is likely to be an earlier influx of cash as no one wants to cut things that close to empty. What form that cash will take and the structure surrounding it will be revealed in due time. Good luck to us all. Derekwpg.