Q4 sales - 1,652
Q4 cost of sales - 151
Q4 gross profit - 1,500
Q4 Pennsaid revenue - 1,430
Q4 Dioptic revenue - 222
The cost of sales are 100% dioptic.
There is zero here for Pennsaid cost of sales and the
accounts receivable are flat.
No entry was made debiting COS and crediting Inventory
for Pennsaid.
....
Q3 Inventory - 934
Q4 inventory - 912
They increased staff in Quebec from 14 to 34, announced
1.43 million in Pennsaid revenue; but made no charge from
inventory to cost of sales and produced $22,000 at cost
of Pennsaid for the quarter. Uh huh.
.....
They have a letter of intent, need to do due dilligence;
but wrote off their capitalized distribution rights for
WF10 in Canada in what is the prior fiscal year to the
announcement.
.....
Their loss for the quarter was (6,146)
But they wrote off 4,771 in non-cash expense
Rough cash funded loss for Q4 is (1,375)
A tremendous improvement over the (3,499) the previous
quarter (much of the rest comes from the drop in admin
expense of 500,000 for the quarter - 1,850 vs 1,349)
.....
Conclusions:
No Provalis Pennsaid sales in the UK were recognized in
2001 and are all yet to come.
They're going ahead with OXO.
Cash now adds but is just about gone at this point (assuming
my gross margin and missing inventory calculations are
close).
We still have no clue on Pennsaid gross margin.
Provalis paid about 700,000 pounds sterling up front.
Q1 2002 sales reported will exceed 1,652 Cdn by a material
amount and Q1 reporting will be published prior to the AGM.
They've spent close to $2 million in capital improvements
so far getting ready for US production requirements. |
