I don't see your post as negative but instead honest. They also had a 5 mil deal not long ago and leads me to this. While they are starting to rock this industry with the 2 latest deals they don't have much cash on hand but of course there are some details left out of the details.
I've never understood why a fledgling public company doesn't constantly have a s-3 in place to drop a few shares off in the event they need financing to complete projects. Especially with 30 mil in volume. It's no different than an ipo. Or even better.