I certainly can't speak for the two of them, but I doubt they will respond so here's my speculation;

The price was too high.

I bet there was/is more money available, but they had to give away too much of the company to get it, so they let the share price tank and investors are collecting them at fire sale prices for the coming revenue streams instead of taking part of the company through a bought deal.

If they somehow manage to survive the next 3 months on the measly $1.4M they raised, and that gets us to enough revenue to continue to survive, then less dilution is always better than more, even if the holders of the shares may have changed, and we know they have (well, not mine)...

The company obviously knows it has orders coming, Raju says it out loud....why that doesn't translate into actual figures is the difficult part to understand...where is the revenue from these products they are selling?

I bought too, I don't believe this is the end.