Because the research report from Gordon Capital, released mid to...

Because the research report from Gordon Capital, released mid to late 2016, stated:-

"With over $3 million in cash, we believe the company has adequate resources to cover anticipated operating cash flow deficits over the next 12 to 18 months. However, additional capital may be required to fund any further acquisitions that may be undertaken through this period."

Presumably Gordon Capital got their information from people at Tesserent. Obviously, if Tesserent want to make a larger acquisition (bigger than Blue Reef), additional capital may be required.