WHA Chart, page-240

If you look at the BAL margins (35-45%) that should give you an idea of the potential with some $130m worth of contracts moving forward. You suggest that their costs may blow out on the milk spraying unit? Why? Maybe they raised more than they needed? Once the company nails the CFDA, they can raise what ever they want at a higher price anyway.
The stock was $2.30 before the placement and if they had the CFDA, they would have raised closer to $2. Just a little bit of bad timing on that front. The company has the management and the money to become a billion dollar company and if you look at the people who plan for that sort of success (Twiggy) they tend to get a lot of detractors along the way to the top. You dont often find one year old 20c listed companies raising $60m at $1.25. They usually raise $600k at 2c within a year.