Agreed Leb, a bit disappointing but definitely should not come as a surprise.  This is pretty much on target from the Q2 report, where the company had about 12+ months of cash and cash equivalents as of June 30, compared to about 9+ months worth as of September 30th.  In both reports, good to ~ Q2-Q3 2021.  So nothing has changed there.  Really too bad about the 0.75 warrants, they had the potential to provide the company with enough working capital through 2021, and likely into sales revenue.

Looking ahead, financing is certainly a possibility, though I suspect TM will look for more creative and less dilutive means to bridge the 2 or 3 quarters needed until revenue starts.  As pointed out in today's discussion, debentures continue to be a liability to the company.  If holders can be convinced to convert, it will free up ~$3M+ of working capital for ongoing operations.  Lets not forget the dreaded $0.52 warrants expiring October 2021, a potential $17M there.  Between these, a very decent chance to get through 2021 and into revenues.  IMO of course.