Replies to post #10607 on Aqua Power Systems Inc (APSI)

[skichic]

Did you actually read the financials? They have huge debt and an overdraft of nearly $500,000, which means they have NEGATIVE $500,000 in the bank. How will they pay bills? Based on the first quarter financials, their annualized revenues will only be about $33,000,000, with a $4,000,000+ loss! Where is the $125,000,000 Carnes was bragging about and the $5,000,000 profit. Winter will probably be their worst quarter, but they look like they’re nearly bankrupt to me. Nice they finally filed something, I guess.

[reader3]

They wrote it into the financials twice as "effects of acquisition".

It's the accumulated deficit of 4.4 million on page F-4, and the Cash Flow from Financing Activities on F-5. They're basically saying that the acquisition "cost" 4.4 million either because of its effect on the stock or because of a pile of one-time costs. Either way, those aren't operational costs. They're corporate, financial, related to acquisition, and they're the sole reason the quarter wasn't wildly profitable. It was profitable even with a 4.4 million negative corporate adjustment.

This is going to be so much fun.