I see your point, just saying that based on their statements going big means ca. $6m, they said they are doing it from the shelf, and they said there will be warrants.
I'm thinking $3-5m cash, that basically their efforts at a PP failed, and their choices now are door #1, door#1 and door#1 ... and hoping they sell something.
But, they could e.g. (doubt it) ink a bundling deal with the china outfit with some sort of numbers attached after they get priced, that sells the offering, perhaps they at least try to price the warrants out of the money, but there wont be revs for some time, they parley the bundling news into securing a hesitant sale, that helps them get over a buck and crawl out of the muck ... somewhere around 75-85m shares out with perhaps a fixed convertable offering in the summmer (this being more of a big bucks thing) ... who knows.
The above content is my opinion.