Notes on Financials
Some great news.
Revenue increased over 2000% QoQ! Though mgmt did not provide revenue data for July, they did say that August was >$340k and that September was looking like it could "exceed it." I will say. An additional $679,370 was produced in July and September. I assume most of it was in Sept. Business is picking up.
We have cash! Though it is only ~$80,000, that is a massive improvement over last quarter where we had $7,535 and a bridge loan from a "shareholder" for $13,000....meaning we were -$5,465. This quarter we paid the loan back and we have actual cash.
Though we are still diluting shareholders.....to the tune of 500k shares this quarter.....people are accepting shares of CPWY at .18/share.
After reviewing again....it was 500k in pref shares....so pps is .018. Ehh.
Accts Rcv, Accts Payable, Prepaids and Inventory are all stable (though slightly negative).
Preferred shares are starting to convert (7 million in the quarter), which could explain the recent price pressure.
Margins were low and MGMT is obviously still taking their outrageous 200k/year salaries (600k/year for the 3 of them). If they would cut those back to acceptable levels (60-80k) we would be flush with cash. This is really an issue we should raise. Being a cash-strapped start-up, their compensation should be directly tied to shares.....not cash.
Overall a great quarter though! Looks like revenues are back. Even at their low margins (8-9%), if revenue holds (without growth)....we could easily have 500k in profit over the next 12 months. And if we cut back salaries, we would have well over a million.
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