Ann: Quarterly Business Review and Appendix 4C, page-6

Also agree. I think the shell game where they also claim that a portion of their software development costs are "investing activities" - over $1M in a quarter - is quite improper. This allows them to claim that they have 9 quarters of runway, when really they have more like 2.5.

Companies like this develop software all the time, and generally it's to serve their normal business interests. It's not a long-term investment.

At least JAY is in decent shape balance-sheet wise - their treatment of "capitalized technology costs" is weird, but they're aren't at negative working capital and negative tangible assets like, say, FLN.