You make valid points. IF REAL management was brought in here (listen to the conference calls...they are TERRIBLE), credibility would sky rocket as would the S/P. However, the stock does trade like supply is hitting the market.
They have done a TERRIBLE job telling their story and they should have refi'd when the stock was above $15/share...there was plenty of time to do so....now less over $20/share.
Your financial math is not correct. Real EBITDA - cash from ops without any consideration for amortization is -$2m/q. They invented a new “adjusted ebitda” calculation by adding it rather than ignoring it. The company has no operating profits. The 5m new shares issued paid the debt - that was when the stock was much higher. FTNW is $70m in the red and losing more money every quarter. At these prices they would need to sell 20m shares to get to even.
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