Current cash is $1.0M, spend for March quarter is $450,000 and...

Current cash is $1.0M, spend for March quarter is $450,000 and collect $87,500 from Peruvian JV partner for end of March quarter cash of $637,500K.

Then over the next 6-9 months AQD collects $737,500 from 3 Peruvian JV's. Another 3 projects are in advanced development in Peru so potential for additional cash flow is significant from JV's, say 3 x $87,500 for an additional $262,500. So next 4 quarters (June 2015 - June 2016) spend is $450K x 4 = $1.8M and potential cash and JV payments could be as high as $1.64M.

So AQD is now operating as a "project generator" (built around a high quality team of geos using proprietary technology) and will operate at almost break even cash flow over the next 12 months. IMHO additional funding needs over the next 12 could be around $250K - $500K (assuming no more JV's are signed) or 12,500,00 - 25,000,000 additional shares in the next 12 months.

Assume they will wait for news flow to kick in before any funding is contemplated. News flow will be very significant from multiple sources.