So no IPO funds were required for the first batch and all the other components needed to make the miners?
So the IPO money was for a chip design and that was all? Damn.
Well we don't know the specifics due to eASIC's NDA. We don't even know exactly how much was raised (FIAT) from the IPO. Don't get so worried, we have plenty of funds.
and nobody in their right mind would wait until they are ready to buy first batch chips, and THEN convert to fiat. Labken has already referred to the conversion process before as a "long and painful process". A good assumption: any BTC that was ever sent to him has already been converted. If there was any BTC left over then it should be in the report, but it's not.
The "long and painful process" was for the NRE payment, which eASIC took in fiat, thus requiring Ken to convert.
There is certainly BTC in the ActM accounts which will be reflected in the ActM report, this is the VMC report. VMC will only have BTC if someone has paid for a miner in BTC. Once we see what ActM is holding, on Nov. 30th, we'll be able to see the complete financial picture.