Hard to calculate but I would say close to $150M. Another big chunk of that $340M valuation is license rights.
I have already explained this a couple of times. It involves me having to defend Solomon and I generally don't do that.
(Early) Q4 was when they decided to "fund" TRW. Get the Trade division going. Fund ODRAS projects. Things they did for AF3, AF4 (boiler) etc. Reference can be made to the Feb/2018 press release where it seemed that suddenly TRW had money to spend. Some people even thought they had gotten the $100M loan.
When you plan these projects, the money is locked up. They can't just cancel these projects whenever SIAF is short on cash. Solomon gambled a bit as he was anticipating the $100M TRW loan and probably contracts for CA as well. It may not even have been a bad gamble. Perhaps we are just very unlucky, but we lost either way. So now Solomon needed more than $2M to fill the gap. ECAB, the lenders, nobody probably showed any goodwill at this stage (understandably), making things a lot worse. That's how I see it. It's not good or bad, black or white. It's grey. There are always 2 sides to a story.