Wednesday, May 21, 2014 11:46:45 AM
The October 1 press release, for some reason no longer on the BCCI website, stated that the $1.7M 'worth' of advertising bought from Media Funding was paid for by common and preferred stock. Financial statements show 19.7M of common and 150K of preferred issued in Q4, without stating use other than for services.
But you are right that if this stock issuance had been correctly shown in the financial statements as expense, the company would be hugely unprofitable. Not necessarily an unreasonable decision; WebEx had a huge marketing campaign with nominal revenue, and built themselves up to where Cisco bought them for $1B or so.
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