So cash flow from operations was around -3.6m Q1, and Q1 benefited from a ca. 3.0m swing in AR-AP, pushing the books if you will. So, had AR-AP stayed flat Q1 would have burned $6m? One can't expect Q2 to generate yet another 3m transient flow benefit from AR-AP (it is possible, they have pushed it pretty far before), but either way as the started Q2 with about $2m, it would seem another 4m is what is missing. The ATM may provide that 4m in which case perhaps the underlying billings hasn't really improved much? There is still June after all. i.e. 2m if the missing 4m is for June requiring only 2m from the ATM *so far* without improvement in billings.
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