Your ability to cherry pick and single out facts and dates and then spin them however you like is truly a gift.
Skip everything pre-Cowen, I don't care about that. Nobody does.
So let's see:
3/2015: $11.23mil
12/2015: $12.04mil.
INCREASE in cash over the year 2015. Of course cash will fluctuate on the short term, just as it does in any company.
Then we look at 2016, and again yes, there was a decrease in cash from 12/15 to 3/16 due to reinvestment in the company as I mentioned in my previous post, this needs to happen to maintain the growth trajectory via using a few million to acquire smaller companies.
3/16: 6.423M
9/16: 6.661M
Again, an increase in cash over the course of the year to date. The fact that it is "cash flow positive", means it generates cash. You seem overly worried about cash, but they are cash flow positive so I won't sweat that as it's clear they are using the surplus to grow the business further. Q4, will likely bring even more cash based on retainage.
The cash spent is for growth, which I'm a fan of. Given this they don't "need" additional cash as they are making more than enough to keep the company running and growing, and the financials you posted are the proof of that. So there being no need for a capital raise at any point in the near future is really really bullish here.
Thanks again for bringing all this to light.
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