Revenue of $7.2M via 4C & $3.6M cash burn without investing activities = 0.5 cash burn ratio.
Numbers were both higher than my estimates but the cash burn ratio is exactly as per my forecast.
The $7.2M revenue in the 4C must include the $1M+ deposit paid for by the buyer of the NDC. The deposit of $68k paid by DW8 to buy the NDC appears in Investing Activities.
There is also about $1M in Investing Activities for Property, Plant & Equipment which will be the NDC temperature control system on sold to NDC buyer for $1.1M.
The PMOC costs are inflated due to some of the $5M capital for Kaddy expansion. They should put the Kaddy capital expense in Investing Activities as it skews the PMOC figure.
Kaddy cash burn appears to be about $1M per quarter which is double my estimate of $500k per quarter. They would have contributed about $60k revenue in this quarter for 3 weeks. Circa $20M GMV x 5% = $1M / 52 weeks = $19,230 pw x 3 weeks.
The $5.4M revenue mentioned in the quarterly report is below my forecast. If we strip out $60k revenue for Kaddy leaves $5.34M.
October run rate revenue was $1.841M x 3 = $5.523M quarterly run rate which means growth stagnated during November & December due to Covid. This fits with DT's comments that they were affected by Covid & it has continued into this quarter.
Would be good to have a break down of Winedepot & Kaddy GMV so we can see which is growing.
Kaddy had $18M GMV in October 2021 when acquired / 52 weeks = $346,153 pw x 3 weeks = $1,038,461 GMV run rate at the time.
Winedpot had $223k GMV thus combined = $1,261,461 GMV October run rate.
Current $1,600,000 GMV / $1,261,461 GMV = + 26.8% QOQ = x2.6 YOY. This growth rate will improve as Kaddy/Partons are fully integrated & should end up very close to my x3 YOY GMV growth forecast.
Overall on track & growing. Only negative was there was no mention of the 1M supplier. Maybe they exist somewhere in cyberspace.
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