And a response....
1)Regarding current liabilities.
Accounts payable and accrued expenses
March 31, 2005.....$53,764 June 30, 2004.....$77,618
The balance you referred to of $37,500 was actually a deposit on a KDS sale, which gets temporarily recorded as a current liability until the sale is booked. Then it gets moved into the sales category with the remainder of the sale amount.
2)Revenues
Lat year's quarter item of $292,464 included the booking of two KDS sales, as I recall. There were no KDS sales booked in the current quarter, although two more sales contracts were signed. As we know, the sales are not booked until the equipment is delivered, which becomes a timing issue.
The $70K of revenues from the current quarter, however, "included consulting and licensing fees."
3)Professional services.....you commented that decreased expenses here "can certainly point to a floundering firm."
Interesting interpretation. This category can include a variety of services, including legal, accounting, etc. I'd think most would view this decrease as a positive situation.
4)As they would with a reduction in wages.
5)With regard to R&D, the fact that those expenses have been reduced for the quarter to $55 tells me that the variety of grants and associated dollars involved are basically paying for the company's R&D. Excellent.
6)Your final comment on the bottom line. The last year quarter in question included the booking of other income from a government grant ($83,581) and book entry for AGES allocation to equity investment ($35,885).
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