Seriously? You guys don't even read the financial release?
"""In addition to the equity agreement, FBC Holdings S.A.R.L. has agreed in principal to increase the existing revolving credit facility by an additional $5 million. The terms of the increase are expected to be the same as the current agreement."""
Note the balance sheet in the press release does a good job at hiding some of the debt. They lump the Silicon Valley Bank debt (secured against receivables) - was $5M or so last quarter, and the "credit facility" from Cyrus, along with a bunch of other items like accounts payable into "Current Liabilities"
My estimate of debt is:
SVB $5M (assume unchanged from Q4) Cyrus convertible $19.5M (paying interest in shares, by the way) Cyrus credit facility drawn in Q1 $5M Expanded Cyrus credit facility just announced $5M
That would be close to $35M of debt.
As I recall the Cyrus debt has an interest rate of 8% (at least on the convert)
I ballpark the interest burden around $2.5M now.
Overall, current assets dropped by about $1M from Dec to Mar, and current liabilities increased by just over $4M. Hence they chewed up about $5M in working capital they didn't have in Q1.
I am a bit flabbergasted (I love that word) that people don't even look at, let alone discuss, the financials. Someone posted "it's all in the past". Well, every financial statement in the future will be in the past by the time you see it as well, so I guess just count the number of times management says "we're so excited" and it's a strong buy.
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