"""That is not a borrowing. It is an increase in availability of a credit facility."""
If you think they won't be drawing that down from Cyrus in the coming weeks I have a bridge to sell you. Even at Mar 31 they had negative $10M in working capital. Chewing $5M a Q would mean by end of May it would be around -$13M. The $4M equity plus a full drawdown of the $5M still leaves them in the hole to the tune of about $4M, assuming the business doesn't continue to deteriorate like it has been.
If you think a hardware company can run on negative working capital (hint: inventory is a current asset) I really don't know what to say.
IMHO they are hoping for a huge pump in June/July ("Microsoft is so good, I just wish I could tell you about it", lol) and if the window opens to raise cash at higher prices they will stampede through it.
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