cash and cash equivalents have dropped by about $5million in both Q3 and Q4. KRMD will have to do some belt tightening, right sizing (use whatever euphemism that works for you).
Here is why the company is in a difficult situation. The former CEO "resigned" suddenly with no resignation letter. The company blaming him for all the problems does not sit well with me, because, in doing so, the management/board is failing to assume its share of ownership of the problems. And for the management/board to assume ownership of the problems might complicate things legally.
I think the best thing the management/board can do, is to assume a stance of being proactive, by initiating a rigorous internal investigation (perhaps directed by outside consultants?) to strengthen internal monitoring/control systems
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