Hi dig,
Lol.
Unlike tkc, whose splendid spaghetti spits out a number based on lots of clever estimates, I'm just working back from the cash needs to derive a number.
Q2 costs, $15m, say. Non-cash cost, $1-1.5m, say. Cash raised, $2m, say. My $11.5-12m billings number derives from that. If I allow a lower cash balance then I can reduce the billings a wee bit further. If I say management expense was deferred I can reduce it a bit more. But zero cash is my lower bound.
I don't think Q1 makes a useful foundation for guesses about Q2, on grounds that the Q2 cash requirements clearly seem not to be following the precedents one would have expected if Q2 resembled Q1.
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