Box Ships Inc (TEUFF)

[Toxic Avenger]

The balance sheet and cash flow statement make up 2 of the 3 financial statements, so clearly the financial statements are quite relevant.

In TEUFF's case, the balance sheet is indeed the most important because if it shows (as I suspect it does) negative working capital and negative net worth, then there are big problems.
If the CF statement also indicates negative cash flow from operations, that's pretty much the last nail in their coffin.

The income statement is meaningless because they'll have large asset writeoffs and large gains from extinguishment of debt (though the net will be losses because the assets were so overvalued on the books).

Balance sheet and cash flow. Those are the ones to watch.