"Cash will be nil at the end of March if nothing else happens...

"Cash will be nil at the end of March if nothing else happens based on a projection"
Correct - based on Management's projection (as per the Quarterly).
All management exhibit optimism bias, therefore, adjusting for this, it is very likely that cash runs out prior to the end of this month (based on their projections).

Which explains why they entered into the CPA.
Yes, I think they have triggered the CPA with Acuity Capital, and they have commenced selling their 150m shares to raise the next bit of funding.

Capital raising to investors will be hard, given the $1.0M convertible note liability which becomes a current liability in a few months.

There is fear, and there is fact