Friday, May 14, 2021 6:04:28 PM
Interest expense dropped by $171K, and the $540K loss on the settlement of the debt, which I think everyone here agrees was beneficial, was a one-time, non-recurring charge.
I'm not sure why they claim to be debt-free with $1,962K still sitting on the balance sheet, but it does appear that they have retired all of the convertible debt and all of the derivative liabilities except for $40K, so the wild swings related to them in the P&L of $278K in gains in Q1 2021 and $1,660K in losses in Q1 2020 should largely disappear.
I don't know how they incurred $630K in interest expense in Q1, but from my calculation using Footnote 5, it seems to me that interest expense should only be about $10K per quarter going forward.
With all that said, it seems to me that the entire other income section of the P&L should largely disappear in Q2, leaving them to need to achieve, at the current level of $14.2M in sales, margin improvement from the current 3.4% to 10.6% to cover the operating loss of a little over $1.0M and rise slightly above breakeven.
I'm really hoping that whoever else here knows how to analyze financial statements (Peter particularly comes to mind) will review this and see if they agree with what I've set forth, as the statements are very complex for a company of this size, and I'm not sure that I've considered everything in my analysis.
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