Ann: Quarterly Activities Report, page-7

Steven1459 - no cash burn? are we reading the same report? Better than I thought, but still a very bad result - exactly newB - underwater is correct. That quarter would have sent most companies in to panic or administration. I see that they burned through $37 million… Negative $12 million a month… That is not profitable or sustainable I don’t care what their BS accounting witchcraft says.
End of December cash: $354
End of March cash: $324
One off cash increase: 3 million interest, 4 million from liquidation of a defaulted customer
Cash burn in 3rd quarter = $37 million (354-324+3+4) which puts them on pace to blow through $110 million a year -
Now I know that’s very basic analysis, there is of course taxes, and difference between receipts and payments. Maybe there were some capital expenditures, or redundancy payments but was it detailed? No. Let’s not gloss over the fact the cash balance is substantially lower than it was last quarter. Have I missed something? I’d be impressed if an analyst asked any decent questions during the teleconference. But then if they ask tough questions they don’t get invited back.. Sad.