BB/Blackcat/Pruneface has been maligned many times for his negativity, (and he tends to dish it out with arrogance, IMO), but he has been right more often than not, in retrospect, at least to a large degree. I prefer to not jump to his ultimate conclusion (bankruptcy), but I do think tough times are still ahead. My view is based on their high cash burn rate.

Considering that the Company raised $50M in March through the debenture, and three months later (end of June) they had approx $21 million in cash and short/term investments, that indicates they went through close to $10M per month in Q2. Allowing that there were some extraordinary items (e.g. GP) and that they have reduced some expenses, I figure that they will still be going down by $5M to $6M per month. At that rate, the $21M buys them about 3 or 4 months of time (from June 30th). Then what? Naturally it will be time to raise capital, likely resulting in more share dilution. I was not shocked at all to see the news release on Friday night (but at 9 pm? - a rather strange time for a news release) -- these $4M will buy another month or so of operation at current burn rates. There is a cashflow problem here, and it will result in the necessity of more share sales and that will result in lower share prices, IMO.

I wish the Company every success and that they find their way through these challenges, but I realistically expect there to be a few tough months coming up before we (hopefully) see a better long-term picture.

JMHO.