NASCOW, A lot of improvement in a lot of areas you seemingly missed, or chose not to mention.
1. Quarterly Gross Profit to Net Sales at 94% versus 69% a year prior.
2. QuarterlyLoss from Operations down $180k from year prior.
3. Quarterly interest expenses reduced by 35%.
4. Quarterly Net Loss reduced by 41%
5. Quarterly Selling and Administrative expenses reduced by 50%
6. Net Cash provided by Operating Activities up 200%
7. 98% reduction in debt converted to Equity
8. 15% reduction in cash paid for interest during the period
9. Net loss reduced by 40%.
10. 300% reduction in accrued liabilities.
11. 85% reduction in deferred revenue.
All of these items point to a reduction in fat, a re-focus on more profitable sales, better debt servicing, while effectively keeping cash at the same level--even though sales were reduced over 50% due the the re-focus through a smaller staff.
If you'd like, I can explain the basics of turning a company around to profitability? I offer the discussion if it is something that interests you since that is what I do for a living. Seems to me this company is far better off than it was a year ago. It has debt under control. Has stopped shipping product to be paid much later when sold. Has reduced unnecessary overhead. Increased profit from net sales tremendously, all while fighting legal battles that consume tremendous amounts of time.
I am extremely encouraged by the financials when properly dissected. I will remain LONG and may even pick up some more shares at these ridiculously low prices.
GLTA!
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