well, I have completed a more thorough read through of the 10k and I would like to amend my previously posted assessment.
While the financials are ugly, that was largely expected by anyone following this company with any degree of closeness. Cash burn is a concern but given the relationships and commitments from those relationships, I am not as concerned with that as I initially was ... although, I would like to see the company be a little less spendy on the G&A side.
But I have confidence that our management team is competent and they are obviously much closer to the needs of the business than any poster on a message board so I will continue to defer to their professional judgement and trust they are striving to get the most from each dollar spent and only spending what they need to given the circumstances.
The "risks" section and the "MD&A" section of the 10k while alarming when read at face value need to be kept in perspective. These sections of a 10k are akin to all of the fine print that comes with a prescription for medicine. They identify the most negative possible outcomes and any conceivable negative outcome that could possibly happen and lay it out there. This a cya measure that every smart company includes in their 10k to protect themselves from stupid litigation.
All and all, the 10k is pretty much what you would expect to see for a company of this size, stage in its evolution, and pps. Although, I must say it is encouraging to see just how much crap got cleaned up over the past year or so since the new CEO came on board. He cleared up the only pending legal issue that was out there and he also cleaned out a lot of deadwood business arrangements. He also has a clear and well articulated vision and strategy for where the company is going and how they are going to get there.
It may take a while but I think long term investors will do just fine with this company as long as Thomas Steipp is still running the show. Just my opinion of course.
As Forrest Gump would say .... "That's all I have to say about that".
GLTA
