the earlier funding in 2013 was somewhat toxic. could simply be a mgmt team that is still learning the WS ropes. regardless, they will reach a point where they will have to deal with dilution if they can not more than partially fund the continued roll out.
with careful attention to SG&A, and not putting the cart before the horse on trying to own the world right away, they should be able to be self sustaining with several hundred thousand. if the backorders are there and the product is in demand - the issue becomes capital to have the product made and shipped. SG&A should be somewhat trivial at that point due to pent up demand. further, social media costs very little compared to traditional advertising. so - if the demand is there - capital needed should be minimal to get product produced and out to fill backorders.
i have higher expectations for the 3Q per my post awhile back. i broke down the numbers based on the capital that came in on the short term financing and cash on hand. that should have been enough to fill orders in that $300-600K revenue space even with samples/promotions. if they are closer to the $500-750K - then they will be generating enough free cash to fund 4Q orders and growth without getting hammered in the secondary market.
an open letter to the shareholders would provide much needed transparency and provide a significant comfort level to increase demand for shares and provide leverage for future capital needs.
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