If I'm mot mistaking the Lad was talking net profit not gross profit. As I'm sure you already know their is a huge difference. The thing that concerns me is their net profit, not their gross profit.
Their Net loss for the Current Quarter was 9.6 million. Plus they had a NJEDA Bonds Payable (“Current Bond Liability”) of 3.4 million which is a total loss of 13 million for the quarter.
Plus the Company did not have sufficient funds available to make the principal payments due on September 1, 2011, 2012 and 2013, with such amount due including principal payments due in the prior year but not paid. There were not sufficient funds available in the debt service reserve and the payment was not made. Also in the report it states this -- Resolution of the Company’s default on the NJEDA Bonds and our request for postponement of principal payments will have a significant effect on our ability to operate in the future.
I'm hoping they start to get some blockbuster revenue and they hopefully will in the future, who knows maybe I just read and worry to much, but It's my money I have out their on the line, not a lot but still the same.
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