The new financing is more about raising capital month to month to survive, not a traditional financing. This was what was represented on the conference call by the ceo due to the low stock price.
He appeared to hedge quite a bit when someone questioned about the convertible notes coming due in Dec, which are toxic. Was a big turnoff when the ceo gushed over the respect he had for one of those toxic financiers and their interest in furthering a relationship. Not knowing how to handle the question straight forward, he fumbled into an ad libbed explanation that this toxic lender was an ally. Big blunder imo