michael t re: MTSL....
Some comments on your analysis:
1. You are comparing apples and oranges on revenue. The $4.2M in revenue that reported in Q1 was gross revenue. Gross revenue in Q2 was $3.4M. So, the sequential drop in revenue was $0.8M and not $1.1M as you report. See the Q1 and Q2 reports for details.
2. The pro-forma numbers which break out Vexigo's contribution for the first three quarters of 2014 show operating expenses of $736K. So, $350K in incremental operating expenses is in the ballpark. Also, we really don't know what the operating expense mix is between the old part of MTSL and Vexigo for Q2. So, we have to be careful about how we draw conclusions. The pro-forma financials can be found in the 6-K from 2/18.
3. Selling and marketing expenses in the pro-forma for the first three quarters of 2014 are $22K for Vexigo and $1.356M for MTSL. They don't have much in the way of selling and marketing expenses. They appear to be a small organization so people probably wear many hats. I suspect that management also, does some selling and their costs end out in G&A.
