Nothing was wrong with the financials.
The problem is that we had to read them. If you just looked at the P/L and Balance sheet it was disappointing because the effects of the lawsuits didn't get booked in Q3. The proforma statement adjustment table on sheet 12 shows what the balance sheet REALLY looks like. Unless you read through to see that, it would look disappointing upon a cursory review. The next report will be the 10K which will annualize everything and "dilute" the effect of those transactions from a quarterly blowout to an annual nicety. Nonetheless, it will be a positive report.
The outstanding questions remain for Q4:
1) What is the rig doing? IF it is working on the next 25 wells and IF it completes those during the quarter and IF we get our $20K half of $40K/well, that will be $500K revenue for the quarter. I know - lots of if's - that's why I am curious about how the rig is doing. It's been a couple of months since it completed the two test wells and we last heard anything.
2) Are we getting the satellite communications revenue back up to speed? We lost a lot of ground during the Bankrupcy. Now that we can again move forward with that line of the business, how are we doing? Right about now we should start seeing some of the effects of our "renewed vigor" in that market.
3) My pet peeve question, that remains unanswered, is what was the share price value of the Hallwood equity interest. That's probably the biggest potential shocker as the share price of hallwood is now almost half of what it was in early October. My guess is that the $1.33M we had is now worth about $.75M which will show up as a "loss" of about $600K for the quarter. No slight of management there, simply the result of being forced to "invest" in an oil company at the top of the market. Timing couldn't have been worse for us and the timing was not of our choosing or control. The good part of not booking that in Q3 is that it won't really show up as a loss but rather as a smaller gain.
Market Data 
Markets 
AI
