The release earnings report mentioned that the ship delivered in April is not in service. Another ship is scheduled to be delivered in June. Negative operating cash for Mar quarter, hopefully this will improve over the summer. In the meantime, borrowing to pay dividend and fund buybacks. Expect credit line outstanding to reach $125M after paying for the two new ships in the June quarter.
If I understand the 10K, the recent financing triggers a $1.5M repayment of the ligand loan. Only 0.3M needs to be in cash, the rest can be in stock, but still more dilution. The kicker is that the repayment only reduces the loan be 0.75M.