It still doesn't answer the main question of why they waited so long to raise money.  At the time they listed on the Nasdaq inflation was at a 30 year high and it was obvious that rates were going to start ramping up.  This was not hindsight but hard cold reality.  Along with rising interest rates would come an inverse relationship to getting easy money.  If they thought solid orders and revenue were forthcoming and that an additional raise was not necessary, then they were simply gambling. When it became obvious that more money was needed they still held off in spite of news that caused the share price to spike back in January.  That would have been an opportunity to raise money.  The 2019 warrants that expired worthless was another opportunity lost.The November news release that the company was on track was only to soothe investors but was simply disingenuous.  Tom needs to be let go.  It was his job to insure the financial house was in order and he failed.