APPY .30 - averaged up on yesterday's Q3 filing updates. Now my largest position.
Retained .61 tangible book (mostly cash) on a -.05 burn, as expected, while holding an accumulated deficit total of $102M. What's that $102M potential writeoff worth as a standalone in a reverse-merge scenario?
The Company has experienced recurring losses and negative cash flows from operations. At September 30, 2015, the Company had approximate balances of cash and liquid investments of $18,932,000, working capital of $18,278,000, total stockholders' equity of $18,901,000 and an accumulated deficit of $102,628,000.
Property sale to generate $1.7M (+.055 pr share) cash in Q4:
Note 9. Subsequent Event:
Subsequent to September 30, 2015, on October 16, 2015, the Company entered into a contract to sell its corporate headquarters, land and building to a third party at a purchase price of $4,053,000. The closing is expected to occur in December 2015. In addition to agreeing to the sale, the Company will lease back from the Buyer approximately 22,000 square feet (approximately 55% of the total square footage) in the building under a month to month lease that requires 60 days' notice by either party to terminate and notice cannot be made prior to January 31, 2016. The lease payments will be approximately $22,000 per month base rent plus the Company's proportionate shares of expenses, taxes and utilities. The sale is expected to generate approximately $1.7 million in net cash after expenses and mortgage payoffs.
Shareholder lawsuit dismissed:
On August 7, 2015, the Plaintiffs in the Boldt Action filed a Notice of Voluntary Dismissal Without Prejudice and thereupon the case was dismissed.
