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Microcap & Penny Stocks : CAML lovers Where are you?

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To: campe who wrote (1316)	4/16/1997 3:13:00 AM
From: Philip Pasteur	of 1541

These numbers do not match what was just released in the Q3 10-Q. Shareholders equity was 13.7 Mil down 3 mil in the last 9 months (this doesn't look like $15 Mil to me). For Q3 they claimed 4.1 mil in "Cash and cash equivalents". Of course cash equivalents might be inventory or... so seeing that no breakdown is given it is hard to tell what might be actual dollars So if they really have $3 mil now, they have lost $1.1 Mil in the last 2 months from their cash reserves (assuming that DW was referring to the same numbers as the quarterly report). In any case it looks like Camelot took liberties with the truth in a press release once again! But they sold only $486K in the quarter and showed a LOSS attributable to stockholders of $4.2 Mil for the quarter and close to $7 Mil for the 9 month period. They claimed operating expenses for the quarter of nearly $2 Mil (on sales of only $486K not pretty!). Let's see. At this rate of loss stockholder equity should be around $9 Mil by the time they have to do an AUDITED report for the year ending April 31. Another thing that is interesting, It looks as though they have written down the value of stock recieved from Meteor for Digiphone rights by about $7.7 Mil. They gave Meteor (DWs shell) $2.5 Mil for the phone booth software, including retiring $1.5 Mil in loan stock that Meteor had paid for Digiphone European rights.. Looks like they got basically nothing for deals that they trumpeted as being worth about $9 million. They are still claiming the whole amount as income though... looks good at the top of the statement! Fools some people! This is convoluted, but I am sure that the whole smoke and mirrors shell game that DW plays with his various shells is designed to make it that way! The bottom line is that Camelot is bleeding money at an alarming rate,they are selling next to nothing, Stock in their European distributor has dropped by over 87% and product development is at a standstill. The fat lady is warming up!

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