At this price the 20 million options that expire in December...

At this price the 20 million options that expire in December will not convert.  Thus the company will not get the $2.2m from these conversions.

My review of the Sept 4C and estimate of the Dec one has

Current cash        $3.564  (per Sept 4C)
Est cash in           $0.900  (assuming that there is a delay 60 day  in cash receipts from actual invoice so we will still have decent receipts)
Est cash out         $1.873 (per Sept 4C)

Est Closing cash  $2.591m

Based on this if the company does not increase user numbers it will need to raise capital again next year.