Not sure how you are doing your calculations but if you look at the expenses for Q4/13 from ZEN's financial statements filed on Feb 28th you will see that they had cash costs of only $550,403 for that period.

Take the line Net Loss on pg 2 and subtract Stock Based compensation (this is a none cash item accounting for the payment of options).

Also if you look a little closer at the Balance sheet you will see that the cash on hand is higher than you have estimated

Current cash = $2,479,000 +

Short Term investments = $1,300,000

Giving a total of $ 3,779,000

Less the difference between accounts payable and receivable = -$378,163 giving a total of $3,400,837 available from December 31st, 2013.

At their rate of spending this should last them a little over 6 quarters which is exactly what AE was quoted as saying at PDAC, so I see no issues until mid 2015 from a company cash perspective.

TP