gmp reiterates buy ., page-88

5shareholder. They only give numbers every six months so I have to estimate and is very rough. Of course I factored in cash where I see it. That's why i said net debt. I think someone said cash was $6m was it (crazy and illegal if selected individuals are really told the cash balances each qtr). I think the cvt has been further drawn. My guess was EDF15 plus cvt 13 less cash 6 is 20. If i thought that CCC would generate net cash less (excluding the dev costs I've already put in off course) I would have factored it in. I think they will be cash burning for next 9 mths at least! Just like Q1. I didn't subtract the $25m, just saying its best to get a normalised income numbers, so use profit when mines up and running. I'm not adding the cash balance of the option conversion. I'm not assuming their converted at all. Just taking their current value, at a bit of a wild guess. That value is the current claim against CCC's assets.
In the summary model I sent out I factored in exercise and cash receipts because i could with a forecast future share price. This is a different calculation. Its a little hard to explain the concept to you and I'm not wasting more than the 3 min I've spent on this post on it. (I have to zip out and pick up a couple of Apple Macs for the kids).