I dont think they are under any reporting obligation to do so... I would imagine that if we dont get a trial update by the end of the month then when the company releases its quarterly at the end of the month it will ezplain that it has paid back the notes.
There were 701k notes so this would reduce the cash balance by $701k (the offset of this is that they wont have to pay interest on the notes anymore (this was $19k in the last quarter).
At the end of March the company had $1.82m in the bank. Take off $700k and that leaves $1.1m. Last quarter they burned $410k, so trying to project the likely cash burn going forward, a simplistic approach could be that any continued improved performance in Westcoast Surgical could be offset by the increased trial costs as Ghana gets going and is recruiting patients (the max trial cost will be when both Ghana and BF are recruiting patients and then it will drop off as BF concludes and only 1 site is open).
So if we assume for a moment that $400k will be the quarterly cash burn then we have enough at least until the end of the year (whether you assume $400k or $500k it doesnt change the equation too much).
Its all very simplistic and a heck of a lot of assumptions there but IMO they do NOT need to do a capital raising based on current information, and they appear to have enough cash to complete the trial.
EMS Price at posting:
1.3¢ Sentiment: None Disclosure: Held
