Saturday, February 06, 2016 5:07:43 PM
I'm trying to figure out if they went through $1 million in cash in Q3 and have nothing to show for it. They took on over $1 million in new debt, they took in (or at least reduced) some receivables, paid down a tiny part of their payables, and in the end only had $60K in cash, meaning that they went through $1 million in cash. Where did it all go?
Since they have almost no cash left, in Q4 they must have expanded their debt (they can't get through the quarter on $60K in cash and their payables have got to be close to being maxed out). Payables were at $3 million and debt was $1.5 million giving liabilities of $4.5 million. Could they have reached $6 million in liabilities by the end of last month?!
I was looking at insider trades; the executives have gotten paid in stock historically, but there are no transactions in over a year now. Are they getting cash instead? Is that where the money went?
Am I reading the numbers wrong? Can anyone explain where all this money went and what it was spent on?
A year ago we were told that JAMN would have $20 million in sales and that they'd break even by the end of the year. Based on the last quarter, they'd have to have quarterly sales of $9 million in order to break even; they'll only do $11 or 12 million for the year, so they're not even close.
And I assume that their plan to move to a major exchange is now on the back burner.
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