In case you missed it, Cosi continued to burn cash at the operating level (which they've done for several years). How do they continue to survive if they do that?
First, start with a fair amount of equity (not debt) from investors. Second, go back in the market and ask for more equity. Third, sell assets (in their case selling company stores to franchisees). In the year just ended, had they not been able to raise $12.8 million in additional equity, they would have ended the year with just $2.6 million in cash. When you look at the last few years, you'll see that they have burned $3 million per year when you exclude one-time stuff like asset sales or stock sales which means had they not raised that slug of money, it's like they'd be out of cash this year.
It's likely they'll be unable to continue to raise additional funds aside from what they generate internally. Unfortunately, they have not generated net cash from operations and they still have at least $1MM/year in capital expenditures (only $13,000/company operated store) so the "math" on cash flow is really challenging.
For those thinking they can sell more corporate stores, I doubt that's still a big opportunity. Hard to see how they could convince someone to acquire the stores given the poor operating performance. This has more downside than upside despite the already low price.