Well, I think this will be my last post. I am going to throw this POS down a wishing well and look back at it six months from now. I just hope when I do it is not to find out ARTS is filing for Chapter 11.
I was really hoping we would get our financials on time and win back some shareholder trust. Their track record of consistently blowing past SEC deadlines and ever increasing SEC inquires, tells me everything I need to know. I think someone on this board said it first, “ARTS is just a penny stock not ready for Prime Time”.
Based on ARTS lack of operational cash inflows, we are not far from being insolvent. Even if we liquidated our current assets of $1.9M as of June 2010, we still couldn’t cover the amount of cash we are hemorrhaging out the door. It is also interesting how our operating expenses have basically tripled when comparing June 2010 versus June 2009.
September 2009: Cash outflows from operating activities $(1.9)M, offset by Cash Inflows from Contributed Capital $1.8M
December 2009: Cash outflows from operating activities $(2.2)M, offset by Cash Inflows from Contributed Capital $5.6M
March 2010: Cash outflows from operating activities $(1.0)M, offset by Cash Inflows from Contributed Capital $0.6M
June 2010: Cash outflows from operating activities $(2.4)M, offset by Cash Inflows from Contributed Capital $2.2M
Good luck everyone… I genuinely hope I can come in on Monday and have the Q3 financials prove me wrong.
