balance sheet and cashflow analysis

I did a quick scan of MBE's liquid position as reported for the half year result ended 2013 and the latest company's update announced yesterday which include the 3rd quarter results and the company's current balance as at 19 of May 2014.

I believe the actual balance sheet of the company is better than a few posters here trying to twisted that it is burning cash. Without the capital raising, MBE actual net current liquid position is up $450k since December 2014. It is the difference between $3.9m at ended of 2013 and $4.35m (as at 19/05/2014).

I made an assumption that the cost of capital raising is $590k or 5% of the amounted raised, which mean the net amount raised is $11.16 instead of $11.75m as broker will normally charge you a commission fee for C.R. That 5% charge is normal IMHO.

On top of that, i noticed the company increased its workforce from 42 in Nov 2013 to 53 as at today's presentation.

Despite more staffs, the company's balance still growing in the first 5 months of this 2014 year.

3rd quarter is a slow period and thus the revenue is weaker than normal.

If you fall for the spin of those negative views, then i am happy to see weak hand getting of this train.

Bring on 2014/15.