You are a very speedy reader.
I just glanced at the report and it took me close to an hour!
Admittedly, many sections contain fair warnings and of course, could come to pass, however, some could be considered 'usual'.
revenues are not much higher than loss for the year (ie: cost to get those revenues is almost double...).
Share price stayed around .16 all year, except 4th Q where it moved up to .67 but returned to .16 (guess that $170K PR expense was mostly there.)
2 or 3 customers account for half the revenues and the warning is necessary. Contracts are not guaranteed renewed and, if I read properly, average one and a half year to go.
Large debt due this year, actually in May, and we should assume that at least past will be renewed (so little due in '11,'12..).
It looks like we may be at the current range (.15 -.25) unless contracts, especially American, start to come in.
All in all, not that bad, but very risky.
g.p.
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