Hi Jane, thanks for the info.
The $60M in accumulated debt ... I'm looking at the Annual Report:
freeedgar.com
September 30, December 31,
2001 2000
ASSETS:
Current assets:
Cash and cash equivalents $5,440 $2,032
Restricted cash 4,458 3,154
Accounts receivable, net 9,452 2,903
Inventories 13,778 10,050
Prepaid expenses and other current assets 7,345 2,996
Notes receivable - current (related party) 945 1,265
Total current assets 41,418 22,400
Property and equipment, net 3,741 2,006
Investment in Shanghai 677 411
Notes receivable - non-current (related party) 998 998
Intangible assets 1,108 1,395
Other assets 19 2,798
Total assets $47,961 $30,008
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Line of credit $13,748 $11,164
Current portion of long term debt -- 90
Accounts payable 15,189 5,929
Accrued liabilities 3,802 2,586
Notes payable - related party 10 69
Other Payable -- 139
Total current liabilities 32,749 19,977
Long term liabilities:
Long term liabilities - long term debt 481 451
Other long term liabilities 2,204 1,109
Total liabilities 35,434 21,537
Minority interest 3,604 1,788
Stockholders' equity:
Preferred Stock -- --
Common stock 1 1
Additional paid-in capital 70,949 69,020
Cumulative translation adjustments (170) 631
Deferred compensation (77) (131)
Accumulated deficit (61,780) (62,838)
Total stockholders' equity 8,923 6,683
Total liabilities and stockholders' equity $47,961 $30,008
Looks like they accumulated $60M in debt, but what is "paid-in capital" ? They have $70M of that.
I'm hoping that means they borrowed a ton of money but put it to good use.
Chris |
