Ann: YNB Acquires HLAI, page-17

Look at the relative valuation of YNB in its current structure and something like FDV- sometimes it is the packaging that counts.

Nevertheless, currently they are at cash even, accounting for currently drawn debt of ~200K and cash in hand of the same. Predicting 2.3m cash outflows with relative inflows of 1.9m next quarter (ie fully drawn debt facilities).....

The owners seem to thrive on operating on a knife's edge cashflow instead of having money in the bank. Whilst I both recognise the importance of this approach in minimising dilution (compared to 99% of other small caps out there)....when you have metrics like Gophr's- sell 1-2% to get cash in the bank, the shareprice will rise as risk of permanent capital loss diminishes and then raise smaller amounts of capital at higher prices. Maybe they should get advice from some of the Getswift team...

Nevertheless, unless the selling value of Gophr at this moment in time must be worth multiples of the current price- which provides some semblance of a downside floor price in this situation. I was hoping to load up at this quarterly report if the opportunity was right, but am happy with my small position for now and to watch it play out. I suspect management are keeping their cards close to their chest for the timebeing and will start the heavy marketing push once the name change occurs.