Given your prior experience and INRA's current situation would you think that the share price is undervalued?
No, I think the company will not be able to survive. Look at the BS and the P&L, they have huge negative working capital and their only source of $ is cornell. They've maxed out a $25K credit line, where do they go next???
Do you see a future here for this company to turn things around?
Not much, with so much debt and no cash flow it's just a matter of time until the cornell well runs dry. Look at the terms of the last financing deal, they'll get no more money unless certain revenue and profit milestones are met. They've yet to make a profit and their revenues were down in the last quarter (up YTD but down for the QTR). If you look at their margins they're making about 20%, hardly enough to cover the overhead when you consider that they have to pay the administative salaries (including spencer and any other employees who do not generate revenue) from the margin, they have public company costs (lawyers, auditors), and many other admin costs (rent, insurance, etc).
What do you know about the licensing revenue attempts?
I'd have to say that I have a better chance of winning the lottery than they do of seeing any $ from licensing agreements. They were lucky to get the $3 million from ABB - it was a nusiance settlement.
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