Cash Flows

I am new to this stock and would be grateful on any feedback on the attached spreadsheet showing expected cash flows till Dec 2019.

Based on what I understand to be management’s AAR forecasts, the business will continue to have negative cashflows until 2020, albeit reducing each month.

The growth in expenses is a major unknown in this though. EVS has advised that they are adding around 5 extra sales people but I am unsure whether other expenses (e.g. admin support, travel, extra location expenses) will also increase as revenues do or whether costs (e.g. R&D) can be stripped out of the business. I have assumed monthly expenses increase 41% to Dec 2019 (1.5% per month) versus monthly cash receipts which increases 513% to December 2019.

Any feedback would be welcome.

*Please do not rely on the attached as it is only a guesstimate at this stage!