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Microcap & Penny Stocks : HITSGALORE.COM (HITT)
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To: Janice Shell who wrote (4844)1/2/2000 11:39:00 PM
From: Q.   of 7056
 
anybody want to speculate on how much cash they have left?

The last balance sheet we saw was for June 30, when they had a mere $272 k cash and no credit lines available. They had assets of $1.2 M if you don't include the LFT receivable, which I consider to be doubtful.

The burn rate was $868 k per 6 months or about $140 k / month at that time, which means that their $272 k would last until early September.

At the time of the filing, in late August, they said:
"The Company believes that cash flows from operations will be sufficient to meet its liquidity needs for the foreseeable future."

Well, I don't believe it. I just don't see how cash flows from operations could possibly be positive. Their latest newsrelease says that they had only $200 k revenue from non-LFT sources in Q3. I don't know how many employees they have, but they had 20 after the reverse merger. There's no way that $200 k per quarter could pay 20 F.T. employees plus other expenses. They must be burning cash.

Moreover, with its non-LFT revenue nearly stagnant, with only 5% sequential growth, it doesn't appear that they have much prospect of improving this situation.

Does anybody know if they've raised cash by selling equity since June 30? If not, they must be close to bone dry by now.
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