P10 Industries Inc. (PX)

[bob4uall]

So you are referring to the ACPW sale in November: "Under the terms of the APA, Langley will acquire substantially all assets and operations of Active Power, including the Active Power name, through their Piller USA Inc. subsidiary for a nominal purchase price, plus the assumption of all debt, liabilities, customer, employee and purchase commitments going forward."

A "nominal purchase price" makes sense to me because ACPW reported assets of $23.06 million and total liabilities of $15.95 million shortly before that on September 30. The difference (equity) was $7.11 million. If Piller discounted receivables and inventory in their offer price, as I expect they would not pay full book value, I can see how the purchase price becomes "nominal". I do not see a $26 million purchase price.

I also do not see $26 million on the books at December 31. They reported $1.57 million in cash and a couple of hundred thousand more to bring total assets to $1.85 million. Equity stood at $180 thousand (rounded). I presume the sale was booked by then.

So I don't get the $26 million you have posted about. But I evidently have missed something big, so my apologies if I have.

Also, the future is a totally different subject. New investment changes the picture and the recent $9 million market cap reflects the market's perception of the company's value based on the recent share price.

This really could grow after its new beginning.