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Technology Stocks : The Panda Project (PNDA)
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To: Mike Farmwald who wrote (752)1/22/1998 3:13:00 AM
From: Q.  Read Replies (2) of 1521
 
Mike, in the S-3/a, they say that they expect to lose $1 M per month until they generate cash from sales.

So that is $1 M cash per month that they need on top of the cash you mentioned: to repay the Helix loans and to pay off the vendors that they've been stiffing.

Regarding AP, they did go up sequentially in the last quarterly report, and it is reasonable to assume they are continuing to stretch out their payments to conserve cash until they get a significant placement. Beyond a certain point, stiffing the vendors will just create long-term problems for them, as they will have to begin paying COD for everything -- I saw this happen to SYQT a year or so back when they quit paying vendors in order to conserve cash. This hindered the ability of SYQT to ramp new products. If that happens to PNDA at a time they are trying to get some acceptance of their semiconductor package, they will be in a big mess.

Meanwhile, I'm waiting for a higher stock price before I consider re-entering a short position in PNDA.

<<As near as I can tell they need to raise at least $4M just to
get back to even - they have a $2M loan due on Feb 28, and
(from the last 10Q) on Sept. 30, 1997 they had ~$2M in
Accounts Payable. Note that the Accounts Payable have probably
gone up, but I don't know that.>>
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