Just had the old spreadsheet out. It seems to me that dubber won't need another CR this year unless growth drops below 15% per qtr, so they may not be worried about the extra cash from option conversion. Assuming we get more R&D grants and the december 2019 options are converted (60c conversion), there is probably no need to raise again even at 15% growth per qtr.
At 30% growth, there is no need for R&D grants or option conversion to avoid another CR. We will be cash flow + in 5 qtr at that rate. I feel this is conservative.
My numbers are rough and done by a layman so please don't rely on them.
Ann: Appendix 3B, page-3
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