If you look at their own June 2014 cash flow statement (Page 3 of the attachment).
They predicted total cash outflow was going to $58M.
And they had $38M cash balance at the start of the September quarter ($33 M unrestricted and $4.9 M restricted). Page 4.
Now, they have basically admitted that by the end of September, they will have a near zero cash balance (their reason to raise $12 M from placements, to pay $10M to their lender). Probably a few millions left.
Any way, given the available data, its not so hard to work out what their Total Cash Inflows for the September quarter will be around $25M.
This means their cash outflows is exceeding their cash inflows by around $33M for the September quarter.
When this news is finally confirmed at the end of October 2014, LYC will be trading below 6 cents.
IMHO.
Insolvent, page-24
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$6.17 |
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