By Shrach on SomethingAwful forums
This is the cash flow statement of the UK group. To explain the numbers, this is what it means nearly line by line:
1. At the end of 2017 they had cash and cash equivalents of some £4m in the UK group.
2. During 2018 through the normal course of trading, the UK group spent £3.7m more in cash than it received.
3. During 2018 they received £16.5m in cash from outside investment (The Calder money).
4. During 2018 they repaid the outstanding bank loans of £1.5m.
5. Using the above, at the end of 2018 they had £4m - £3.7m + £16.5m - £1.5m = £15.3m cash remaining.
6. £15.3m - £4m means that cash reserves increased by £11.3m during the year
So basically, at the end of 2018 they were already tucking into the outside investment by some £5.2m, or roughly a third was already gone. Obviously there is more to it but this info is a rough guide.
Looks to me like either Sq42 needs to ship by end of 2020 (but according to roadmap it simply can't) or further outside investment is required, assuming whale-backer confidence and spending stays constant (which it will).
Also of note: without the Calder investment, CIG would have gone bankrupt during 2018. The Calders effectively saved the project.