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Technology Stocks : XYBR - Xybernaut
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To: John Anderfuren who wrote (168)11/27/1997 7:51:00 PM
From: choban  Read Replies (1) of 6847
 
John, You should read XYBR's 3rd quarter earnings report, before you load up on too many more warrents. A few things that stand out are:

1)They show $129K of product sale revenue, but then take a write off of $129K under their cost of sales for an uncollectible account receivable.

2)Their consulting revenue increased to $244K primarily because one of their licensees decided to no longer resell XYBR products/services, so they took $220K of consulting revenue in the 3rd quarter which was really just an accounting exercise. This licensee had paid $300K upfront, and XYBR was recognizing this revenue over time. When the licensee backed out, XYBR was able to take the remaining $220K as 3rd quarter revenue.

3)This leaves $22K of real revenue in the 3rd quarter with $7M of losses in 1997.

4)They further diluted their common shares by issuing class A and Class B preferred convertible shares in August and November 1997, to raise enough cash to stay operating until February 1998.
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