Saturday, October 06, 2012 12:04:18 AM
Giving them the maximum accounting benefit, maybe you could add the Depreciation back on and the Impairment Loss, so maybe reduce the expenses by 500k. Therefore their true expenses on a cash basis were 6.8M.
The other item (from the Statement of Cash Flows) is the "Stock Based Compensation". Hmmm... well you really have to treat that as Cash, because if they did not compensate whoever it was in stock, they would have had to use cash wouldn't they? At least in order to continue operating the way they are. So that is cash. There are a few other items in there that may be simply accounting charges, but I think I have identified the major ones above.
They would have to achieve another 6.7M in Gross Margin to break even on a Cash Flow basis (roughly), which would require 4X that or $27M in sales. By the end of this year.
Is that remotely possible?
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