For a junior issuer that had negative cash flow from operating activities in its most recently completed financial year for which financial statements have been included in the prospectus, disclose
(a) the period of time the proceeds raised under the prospectus are expected to fund operations,
(b) the estimated total operating costs necessary for the issuer to achieve its stated business objectives during that period of time, and
(c) the estimated amount of other material capital expenditures during that period of time.
In determining cash flow from operating activities, the issuer must include cash payments related to dividends and borrowing costs.