Prima facie you could be correct but there are some telling signs due to misalignments of accounting treatments and representations. Also you need to relate it to another company, TAU and its revised IPO prospectus, to get a clearer picture.
@Grant62 has offered some good and deeper analysis with the usual extrapolating to exemplify some areas, so no benefit in repeating it but I will offer that what is not in the latest Cashflow Quarterly report (absent of any commentary I notice) will come out in the Annual Report due late August. After reviewing that your view may change somewhat.
I expect a loss to be made for the last financial year and there will be some accrued expenses into the current financial year and also there are some nasty surprises in terms of both depreciation and write-downs to come out in the AR.
Anticipate no dividend (pretty much a given) and no uplift of the share price in the short term (i.e. up to 3 months) unless some new news of substance is released. News of substance means a binding agreement or a material change in product movement causing a revised earnings outlook or a new acquisition and not any vague LoA's or HoA's or forward looking statements.
A Board change might help the share price though, you never know.
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