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Tuesday, November 18, 2014 4:48:35 PM
Tagging onto my post from earlier (May 15) in the year, I thought it might be fun to see where we are at 6 months later:
Benchmark
Share Price = $0.0151/share (May 15)
Outstanding shares = 21.8 million (April 14)
4th Quarterly Sales = $20k
Gross Margin after cost of goods = $4k (or about 20% gross margin)
Assets = $0.6 million (Dec 31 - cash, inventory, prepaids, equipment)
Annual Operating Expenses = $3.3 million (or average $0.8 million per quarter)
Annual Interest expense = $0.6 million (or average $155k per quarter)
Working Capital deficit = $3.6 million (Dec 31)
46 Convertible notes = $1.0 million (Dec 31)
Company shares repurchased = 0 (Dec 31)
Longer term (end of year) Predicted
Share Price = Low of Delisted/Grey, High of $0.10 (between now and Dec 31)
Outstanding shares = Low of 50 million / High of 200 million (4th quarter)
Annual Sales = Low of $40k, High of $160k
Gross Margin after cost of goods = $8k to $32k (20% gross margin to remain flat)
Assets = Hi/Low of $0.6 million (I do not expect any meaningful change)
Annual Operating Expenses = Low $3.5 million to a High of $5.0 million for the year
Yearly Interest expense = Low/High of $0.7 million
Working Capital deficit = Low of $5.0 million/ High of $6.0 million (attributed to ongoing cash drain to fund operations)
Convertible notes = Low of $1.0 million to a high of $2.0 million
Company shares repurchased = Low/High of 0
Results
Share Price = Low of $0.0021 (yesterday), High of $0.06 (May 28) - very close to par value.
Outstanding shares = 68.3 million (3rd quarter) - expected to grow to the mid-range of the prediction by year's end
Annual Sales = $72k (thru mid-November factoring in the subsequent HEB sales) - approaching mid-range prediction
Gross Margin after cost of goods = ($1) (not including unknown cost of sales numbers for subsequent $37k HEB order) - gross margin non-existent
Assets = $0.543 million (thru Sept.) - on target with prediction
Annual Operating Expenses = $3.7 million (3 quarters) plus one more quarter (estimated at $0.7 million) = $4.2 million - on target with prediction
Yearly Interest expense = $1.7 million (3 quarters) plus one more quarter (estimated at $0.5 million) = $2.2 million - way over target prediction
Working Capital deficit = $5.4 million (thru Sept) - on target with prediction
Convertible notes = $1.2 million (thru 3rd quarter) - on target with prediction
Company shares repurchased = 0 - on target with prediction
So what does this mean? For me, the Company is pretty predictable - low sales, low margin, high expenses, high debt.
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