Pure and simple, you are either a liar or don't understand how to interpret a cash flow statement...
Here are their cash flows for the last five years:
YE 1995: +478,000
YE 1996: +613,000
YE 1997: +2,491,000
YE 1998: -3,090,000
YE 1999: +5,077,000
Well Dan, you know how to read the bottom number of the cash flow statement, but I'm not sure you understand the difference between cash flows and cash flows from operations. Here are GUMM's cash flows from operations for those years:
1995:(760,635)
1996:(3,702,827)
1997:(3,736,744)
1998:(3,904,248)
1999:(3,196,134)
And here are proceeds from equity issuance for those years( I'll even skip the borrowings):
1995: 756,000
1996: 8,514,000
1997: 4,311,768
1998: 2,032,897
1999: 5,672,054
So I'm not sure what your response to Auric means. Are you saying that GUMM will continue to remain cash flow positive by diluting existing shareholders? Or are you saying that this time it's different? |
