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Tuesday, April 16, 2013 9:40:08 AM
Bad Debt expense is consistent, and valued at 15% of Accounts - pretty standard.
Take out the depreciation of the office furniture (100k) and the consulting expesnses for this CE Mark (450k), you have a Net loss of 190K vs 375K last year.
They are making headway, they just need to spend some money to get there and build new sales outlets.
Buying back there Series B stock is them paying off other Debt. Series B stock is generally another form of debt to creditors. Notice some shares were converted. they convert them to common stock to "cash in", thus the "dilution" everyone is so anxious about.
Since there was a bombing a mile from my office I haven't had the motivation to calculate any other analytical numbers. inventory turnover wouldn't show a good indication of how the product is moving, but that really doesn't show much on an annual basis - need quarterlies.
With the lack of detail that is required by the OTC in financial statements that is really the bulk of the analysis. Especially with struggling startups.
I think an indicators of decent credit is the Series B stock, vs selling more common. If you have series B stock you own the right to convert it to common, which is a reason why the common stock has increased. Plus the main reason a company issues stock is to sell ownership for capital. You should fully expect the 950 to be sold into the market.
I think this company has as structure for growth from sales. They just need more buyers. I think the CE mark will open up new avenues to this. I think the US market is limited due to much larger competition. But I can also see a larger company purchasing the Solos or a product line (laproscopic) so they do not have to forgo an opportunity costs amongst their current product lines.
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