Well maybe they want to minimise dilution and only raise what...

Well maybe they want to minimise dilution and only raise what they need when they need it. Management are behaving like they value their current holding highly rather than like many public companies where management seem to value their salaries more and issue shares willy nilly.

I don't consider 20% qtr/qtr growth inching along especially when it has been sustained for 22 qtrs in a row. As you point out they have a lot of room to grow.

I am not sure spending more money on marketing is wise until the business is fully built out. We want a sustainable business, not a money bonfire.

The estimated spend for next quarter is on the final page - cash burn next qtr should be around the $800K level.