Rich, from the Consolidated Statement of Cash Flows in the 10Q from the December quarter. (This is my paraphrasing since I don't know how to make SI read columns).
Cash flows from financing activities:
Proceeds from issuance of preferred shares.
Series A = $6,040,000
Series B = $5,800,000
Total = $11,840,000
Note that if you add $3.2 million (the value placed on the warrants, according to the S-3s) to the $11,840,000, you come up with $15 million, give or take a few thousand.
Note also that there is another line that is proceeds from issuance of common stock and exercise of warrants, which is about $7 million for the 9 months through December. This item would include all stock options purchased by company employees and directors between March and December, and any warrants exercised by Castle Creek, Gemini, or Baccarat.
From this, it appears to me that the description of the financing being "up to" $25 million is accurate. Of this $25 million, they have received $11.8 million for the preferred shares, $2.5 million (of a possible $10 million) of the loan from Baccarat (Berg), and an unknown amount from purchases of warrants. That's the way I read it.
The good news is that regardless of the fact that they received less money from the sale of the preferred shares than I assumed they did, it doesn't subtract from their cash or working capital position at the end of the quarter. Their working capital (actually, the working capital deficit) going into the current quarter does not change because they received less proceeds from the sale of the preferred stock than I was assuming. |
