In their last quarterly (Sept) they had about $1m forecast spend...

In their last quarterly (Sept) they had about $1m forecast spend for PaaS deals in Dec quarter. 6 weeks later they announced the huge AI-RAD PaaS deal and said $0.9m capital spend to implement was already covered in the forecast spend in the Sept Q report. In the Dec qtr, $1.1m was spent on PaaS although not clear if the $0.9m from the AI-RAD deal was fully done or has some of it drifting into March qtr. The other two notable PaaS deals were smaller in size and extensions/renewals of existing deals so doubt the spend together would be worth double the AI-RAD deal.

As forecast spend for PaaS in the March qtr is at around low $1m range again and they haven't announced any other large deals of similar scope since AI-RAD. Nor have they updated TCV. So I wonder if this suggests they have deals waiting to be announced supporting the forecast spend unless I have misjudged the capital cost associated with the earlier extension PaaS deals prior to AI-RAD and its spend just for implementing current known deals.

Although that doesn't negate the risk of CR if the financing option doesn't come through. But the CR to cover PaaS spend would be backed by guaranteed revenues. So not like other little tech stocks that fund working capital in the hopes of growing revenue by funding sales and marketing. As a note, M7T is also an emerging PACS player and got a loan to cover upfront deposit cost for a large deal they have in HK that is secured against the cashflows of that contract only. So its possible and not a bad way to help fund these businesses early imo.

However, overall its a dumb look to forecast spending all your last cash even if its to ensure contracted revenues come through as they need money from somewhere to cover it all and for now the market will suspect CR until its proven its not needed.