The owner of MoviePass is crashing after saying it burns $21.7 million per month — but only has $15.5 million in cash

The new filing comes just as MoviePass recently implemented measures in April to help it reduce the rate at which its hemorrhaging cash. In late April, the company enhanced its technology to prevent subscribers from sharing accounts with non-subscribers, and stopped allowing subscribers to see a movie title more than once while using the service.

HMNY said these actions helped it reduce its cash deficit during the first week of May by “more than 35%.” That much, at least, is good news for investors, many of whom had been wary of the company after, in April, its independent auditor raised “substantial doubt” about its ability to stay in business, and the company sold more shares to help offset its losses.

But it gets worse.

“Because the length of time and costs associated with the development of the MoviePass and MoviePass Ventures business model is highly uncertain we are unable to estimate the actual funds we will require,” the company said.

“If we are unable to obtain sufficient amounts of additional capital, whether through our Equity Distribution Agreement or otherwise, we may be required to reduce the scope of our planned growth or otherwise alter our business model, objectives and operations, which could harm our business, financial condition and operating results.”

Tuesday’s filing and subsequent losses only add to the stock’s troubles. It opened down nearly 10% Tuesday after the chief executive of AMC Theatres slammed the MoviePass’ business model on a call with analysts Monday evening.