Hi dig,
Thanks!!
I find it's so much easier to do cash flows starting with the net loss. All you have to do is look at the Yahoo cash flow and follow the numbers down the page until you can't do any more.
With your warrants to add in, I'm starting at an estimated balance (after the various items I listed previously) of $6.4m (I round more than you), with other balance sheet movements remaining anyone's guess.
Depreciation is a non-cash cost like the shares and seems to be running just under $200k per quarter.
In sum, this is why I think your doughnut hole may be a whole doughnut.
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