Leb: "The Company is satisfied that it has sufficient liquidity and capital resources to fund its operations over the next 12 months."

Exactly, the above states they had 12 months liquidity as of June 30 2020.  Now, 3 months later, they have ~9 months liquidity, definitely less than a year!

I believe he is playing it safe, cash burn closer to $2.5M/qtr so more like 10+ months operations.  Eliminating the debenture liability maybe gets you into Q4 2021.  Get some NRE and warrant money thrown in by Q3/4 for good measure and there you go!  Of course, no guarantees on the above so the company must be up front about any and all possibilities, including financing.  Personally, I just think financing will be more of a Plan C vs. Plan A.