Awesome job rvxoldtimer....I had spitballed the number around $7 to $8 million as to what I figured "should" have been remaining on the loan.....
A question worth asking imo at his point...is how much money has the company burned through in the past year. I have been operating under the assumption (always dangerous) that we were burning through $2-$4 million per month....
So on May 30th they had $30 million USD....then add 1/2 the August raise adds $10 million USD, then 1/2 the November raise for another $5 million. That's $45 million right there....then add the $16 million raised Jan31/Apr1 (with nothing going to paying down the loan) and that takes it to $61 million.....
According to the MD&A for the quarter ending Jan 31st 2019 the monthly burn rate was $2.8 million USD (rounding up) for the previous 9 months. 9x2.8 comes to $25.2 million. In the four subsequent months through to the end of May 2019 lets put the burn rate at $4 million USD and add $16 million USD....that brings it to $41.2 million USD.
Is my math way off? Based on these figures it seems to me there should have been somewhere around $20 million left.