Secure Point Technologies Inc (fka IMSCQ)

[zeynoc]

Bottom line profitability is very hard to foresee given the uncertainty on the recap. If they complete an equity transaction, they might catch it at the second half of the year. They need 24-25mn to be operationally break even, then you put 10mn or so for interest assuming nothing changes which will not be the case. If they make 35mn in sales, they will be breakeven on bottom line. This should be achievable on a run rate basis in FY 2016 H2. But on an EBIT basis they will be breakeven even in this quarter in my view.