The way I read the complicated Espresso agreement boils down to POET is currently qualified for (US$) a total of $2.5M. $2M has been drawn and additional $500k available on May 15 assuming that POET has raised an additional $500k in the second tranche of debenture. Expectation is there is another $1.6M available in the second tranche but myself and a few others that I know of have participated in the second tranche that had not initially expressed interest so it is probably more than that (expected to close this week).

On July 1 POET qualifies for an additional $1M under the following conditions:

Conditional upon (i) definitive agreements being reached in respect of the Sale of DenseLight, for minimum cash proceeds of $26,000,000 payable on closing, and such sale being scheduled to be completed no later than September 30, 2019; (ii) Poet having distributed a circular in respect of the Sale of DenseLight to shareholders for approval; and (iii) Poet having raised $5,000,000 in the aggregate (inclusive of the $1,900,000 outlined in the Forecast Advance Table above) of equity or equivalent funding.

On Aug 15 POET qualifies for the final $1.5M conditional upon Poet and Buyer each receiving all required approvals in respect of the Sale of DenseLight.