Third Bench Inc (THBD)

[akdulj]

The entire market is down. Additionally, these financials are from the perspective of NECA not TBH. TBH isn't the only holding NECA has. The loss figure includes is because NECA acquired TBH for nearly 7 million dollars. That purchase was financed by the sale of NECA shares.

Regarding TBH's claims for a 24million dollar run rate, page 9 of the annual report clarifies the 24 million dollar figure is for the calendar year. One way it looks like they will reach this figure is by reporting the proceeds from equity sales.

I also see they have $1,122,157 in cash. I also like that they have $2,098,929 in assets (vehicles, etc). They have $1,780,273 in inventory. I see they have $1,036,116 in accounts payable, but they certainly have the cash to pay that off. That accounts payable is for the two acquisitions. However, the investment looks good because TBH's subsidiaries have $1,733,034 in accounts recievable.

Heres what I don't like. $3,200,000 was Interest expense charged to Additional Paid-In Capital for convertible debt. That money should be going to shareholders, but instead is going to creditors.