Bioelectronics Corp (BIEL)

[NoPinkScams]

I'm still curious as to how you're coming up with your cashflow projections. If you look at the year over year improvements in cash flow, it is driven solely by increases in accounts payable without any corresponding increase in inventories and much smaller increase in receivables. In other words, they are dragging out the amount of time they take to pay their suppliers in order to improve their cash position. This isn't necessarily a bad thing, but it's not sustainable indefinitely. Those bills are going to have to be paid eventually and more inventory is going to have to be stocked as it reduced significantly from June 2014 - June 2015.

All this to say that even with the increased sales in Europe, BIEL is most likely years away from being cashflow positive.