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Wednesday, November 14, 2012 12:11:00 PM
Q4 will again be an unprofitable quarter, so they'll burn through a good portion ($300K - $500K) of their remaining cash. BTW, did you notice that Accounts Payable is roughly 7X Accounts receivable?
Maybe they'll close a deal on TSphere before the end of the year. If not, dilution will begin again in early January.
The $440K on the balance sheet, at the current price, will add a minimum of 220M shares to the float, taking it to roughly 750M (though it's highly likely that a declining price as shares are sold will take it closer to 850M.)
So by the time a Terrasphere deal is likely to finalize in Q1 or Q2, $1M - $2M (for patents that have so far shown no ability to generate revenue,) will be just enough to get them through most of 2013, operating at subsistence levels.
And of course, if the deal doesn't materialize for several more months, they'll probably have to work another deal with Iroquois for more convertible financing, though perhaps only for say, $125K - $150K/month. Those shares will begin to convert roughly six months after issuance.
Unless COIN does complete a deal for Terrasphere, and they use that cash to repay Iroquois, leaving them again, cash poor.
But at least the dilution will stop.
For awhile.
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