2014 3 month loss of $4.397 vs $2.364 Mil loss for same period last year. Roughly 2 X the burn rate. If you adjust for additional empoyees an more legal fees as well as the new office the burn rate will continue to rise. While the wording in the MDA does say they have enough "liquidity" for 2015 I interpret that to mean that they anticiate some income in 2015 to sustain them thru 2015. As FC points out their could be income from stock activity as well. Main point is that they will probably need to get $$$ from someplace hopefully from customers