I'm sorry if this is a little scattered but there's always a ton of info in 10-K's and a lot of this is pretty nebulous as well.
From the 10-K:
LIQUIDITY AND CAPITAL RESOURCES
Our cash used in investing activities of continuing operations was $0.2 million for the year ended December 31, 2011 primarily from purchase of property and equipment.
Is this the one beta machine?
Subsequent to December 31, 2011, we issued 8% unsecured, bridge promissory notes that are due on demand by Visser Precision Cast, LLC (“Visser”) totaling $750 thousand. We expect to negotiate a private placement of equity securities with Visser (“Visser Private Placement”) and infuse cash into the Company. There is no guaranty that we will be able to finalize a private placement funding with Visser or any other investor.
I am presuming the bridge notes are to avoid dilution with Visser in a private placement. Herego, the most recent additional bridge note.
Trade Accounts Receivable. The Company grants credit to its customers generally in the form of short-term trade accounts receivable. The creditworthiness of customers is evaluated prior to signing a contract with the customer. As of December 31, 2011, three customers represented 67%, or $162, of the total outstanding trade accounts receivable. As of December 31, 2010, there were no customer representing more than 10% of the total outstanding trade accounts receivable.
A bit interesting to see the concentration of customers (3) contributing to 67% of those first sales. And, of the 250 booked, 241k remained open at 12/31/11. I'm thinking the sales were in the last 2-3 weeks of December and then you have the holidays, etc., while also considering Steipp's (or any public CEO's) desire to get sales booked for the end of the year.
We anticipate that our current capital resources, together with anticipated cash from operations, will be sufficient to fund our operations through April 30, 2012. Following April 30, 2012, we will require additional funding in order to continue operations as a going concern. Although we are actively pursuing financing transactions, including the Visser Private Placement, we cannot guarantee that adequate funds will be available when needed and even if available, cannot guarantee that we will achieve favorable terms. If we raise additional funds by issuing securities, existing stockholders may be diluted.
The audited report was dated 3/30/12 so they pretty much knew their cash needs over the next month; at least they are tracking cash flow and budgets closely. And we really don't know if the old loans were paid off yet as it said the 750k was still o/s at the report date so were they paid off in the interim and then another round of financing occurred.
Our capital requirements during the next twelve months will depend on numerous factors, including the success of existing products either in manufacturing or development, the development of new applications for Liquidmetal alloys, the resources we devote to develop and support our Liquidmetal alloy products, the success of pursuing strategic licensing and funded product development relationships with external partners.
A LOAD of wildcards here that make it VERY difficult to do any projection. As Watts pointed out, LQMT could be getting different allocations from different partners along with booking sales on their own to their own customers. I'm trying to recall, but I believe they said they were getting away from licensing agreements, correct? But that also means there certainly is no exclusion on royalty revenues from patents, correct? Sorry, I'm just trying to get quick answers from those who know, not trying to avoid doing work to find out on my own.
On October 10, 2011, we issued to SAGA a promissory note in the principal amount of $1.7 million due October 10, 2012 (“Maturity Date”) bearing interest of 8% per annum to account for the decrease in the market price of our common stock. All of the principal and accrued interest is due on the Maturity Date.
Watts or anyone, has there been any change in this Agreement? This is a big nut to pay by 10/10/12. This could also account for the additional financing needed in anticipation of finalizing payment on this. And is a million a month break-even on normal operations or inclusion of this approx 150k/month (averaged) of payment of this note?
20. Subsequent Event
On January 17, 2012, February 27, 2012 and March 28, 2012, the Company issued an 8% unsecured, bridge promissory note to Visser Precision Cast, LLC (“Visser”) due upon demand in the amount of $200, $200 and $350, respectively. The promissory notes totaling $750 remain outstanding as of the filing date of this report.
Now, were these paid off and the extra 300K is an additional round of financing? Either way, I'm still thinking they are trying hard to avoid any dilution through a private placement with Visser.
Sorry, I guess my answer is there is no ability to answer at this juncture. There are too many open ends. It's like an algebra question with too many variables. Cost acctg and projections are a reasonably strong point of mine, but I think it will have to wait to the Q1 10Q for a more useful interpretation of the numbers. It would be totally speculative on my part at this moment. Sorry I went through all that to not contribute any projected numbers, but I think it was more an exercise in opening issues that maybe some can clarify so I (or anyone else) can try and fill in some of the variables in the algebraic equation.
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