They are not mutually exclusive. $8m draw down on the line of credit is credited as positive cash flow. This type of positve cash flow by drawing down similar new borrowings every quarter is not sustainable without earnings or other forms of capital raising to service debt. Cash flow does not consider the source of the cash received.
When the author further researched the quality of cash flow he changed his positive opinion to heavily negative. That is why continuing due diligence is important.
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