Dead on Ignatz. SEVL has probably only another few months of liquidity left.
They're selling off assets (Dominion, New Office Buildings) and the CEO expressly mentions the need
for more capital (read dilution) going forward in the last quarterly. They were bleeding a bit more than
$2 mil / month at last check ($7.1 mil in 3 months) - probably less than
$5mil in cash now with more draining away every day.
I think the balance sheet says it all.... about all the shareholders own outright are a bunch of depreciating fixed
assets, nothing more.
Krondor won't return without some $$$.
7th Level, Inc.
Condensed Consolidated Balance Sheets
6/30/97 12/31/96
ASSETS ---------- -----------
Cash and short term investments $6,983,115 $15,283,842
Accounts receivable, net 1,295,546 6,130,903
Inventories 213,266 571,545
Office building for sale -- 5,117,222
Other current assets 1,759,933 1,776,446
Total current assets 10,251,860 28,879,958
Fixed assets, net 6,833,773 7,839,278
Intangible assets, net 759,743 1,130,095
Other assets 803,520 1,083,603
Total assets $18,648,896 $38,932,934
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable & accrued expenses $6,211,717 $7,302,434
Notes payable, current portion -- 5,633,675
Other current liabilities 195,033 192,451
Total current liabilities 6,406,750 13,128,560
Notes payable, long term 540,506 675,724
Other 455,359 476,263
Total liabilities 7,402,615 14,280,547
Total stockholders' equity 11,246,281 24,652,387
Total liabilities & stockholders' equity $18,648,896 $38,932,934 |
