Good assessment malmanu.
I read the quarterly exactly the same as you, as would no doubt most.
It's a bit silly for the chairman to try to dress things up with a comment like that, i.e. "close to cashflow breakeven", when it is so plainly obvious that they were still a long way off without the tax refund.
He may think he is putting a positive spin on things but for a lot of potential investors blatant window dressing type comments like that are actually quite a turn off.
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