skervum, i prefer to keep the math totally simple. 1. isco has a burn rate, annually; howeever that burn rate can vary monthly as a "start-up" and until the 10k is out, there is no way to eliminate "one-time" capex from the burn. thus, it is quite possible that a lot of the aspire draw down went for large stuff that last 2-7 or more years. once done, the monthly draw can drop, regardless of revenue. 2. aspire (if it is at all sane) has some kind of allocation tables. it totally wanted to own as much of isco as it could get for x dollars. however, it is unlikely to want that total to exceed y% of its overall port. if i were running aspire, i would be buying more than i wanted, then selling some long term when prices rise, since aspire also has a yearly burn rate, target roa, clients, etc. however, i'd be somewhat stuck, because isco's overall cash need determines how much i can buy. to make that "fair" aspire gets to game the stock against the market. so does isco, by sliming up its phone lines talking to mauldin, cox, etc. and having its i/r make a brief appearance here, then vanish once actual questions were asked.