SMPX financial position is also shaky.
For the six months ended June 30, 2000, their cash & short term investments totalled, ~$6.8 million, compared to ~$14.1 million for the six months ended June 30, 1999. Also, their cash outflow for the 6 months ended June 30, 2000 was ~$7.7 million. So if they continue burning cash at their current pace, which is assumed, considering they are a developmental company, they will need to pursue additional financing by year's end, most likely to be a equity secondary offering since their revenues were under a $1 million for the past 2 years combined.
(unaudited)
Six months ended June 30,
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2000 1999
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ASSETS
Current assets:
Cash and cash equivalents $ 5,387 $ 7,998
Short-term investments 1,456 6,150
Accounts receivable, net 144 117
Inventories 778 662
Prepaid expenses and other current assets 363 680
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Total current assets 8,128 15,607
Six months ended June 30,
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2000 1999
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<S> <C> <C>
Cash flows from operating activities:
Net loss $(8,408) $(7,990)
Adjustments to reconcile net loss to cash used in
operating activities:
Amortization of deferred compensation 155 278
Stock based compensation 16 -
Depreciation and amortization 395 390
Changes in operating assets and liabilities:
Accounts receivable (27) 181
Inventories (116) 67
Prepaid expenses and other current assets 318 (42)
Accounts payable (21) (248)
Accrued compensation (230) (161)
Deferred revenue (181) -
Other accrued liabilities 360 184
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Net cash used in operating activities (7,739) (7,341) |
