Here's a link to the SEC. You can read the 10k there;
sec.gov
Here's a copy of the balance sheet:
<CAPTION>
September 28, September 29,
1997 1996
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AssetsCurrent Assets:
Cash and cash equivalents $ 1,639,300 $1,954,000
Accounts receivable, net of allowances
of $10,000 1,237,700 3,023,900
Inventory 2,577,300 4,386,700
Other current assets 1,182,900 283,600
-------------------------------------
Total current assets 6,637,200 9,648,200
-------------------------------------
Equipment, furniture and fixtures, net 2,775,800 11,906,700
Other assets 36,300 187,300
-------------------------------------
$ 9,449,300 $21,742,200
=====================================
Liabilities and Shareholders' Equity (Deficit)Current Liabilities:
Accounts payable $ 4,370,800 $2,197,800
Accrued expenses 684,700 936,100
Deferred revenue 106,100 2,382,600
Notes payable and current portion of long-term debt 2,234,000 270,600
-------------------------------------
Total current liabilities 7,395,600 5,787,100
-------------------------------------
Long-term debt 593,200 2,809,900
Deferred royalties payable - affiliated company 613,800 355,700
Convertible subordinated debentures 250,000 3,400,000
Preferred stock of consolidated subsidiary 118,500 118,500
Minority interest in consolidated subsidiary 3,418,100 500,000
Long-term accrued expenses - 458,300
Commitments and ContingenciesShareholders' Equity (Deficit):
Preferred stock, $0.01 par value, 500,000 shares authorized;
8,785 shares Series B Convertible Cumulative Preferred
outstanding; aggregate liquidation preference of $237,200 50 50
4,974 shares Series C Convertible Cumulative Preferred
outstanding; aggregate liquidation preference of $253,700 50 50
Common stock, $0.01 par value, 40,000,000 shares authorized;
21,541,300 and 18,710,000 shares issued and outstanding 215,400 187,100
Common stock warrants; 340,000 and 239,200 issued and
outstanding - -
Paid-in capital 46,424,100 42,829,400
Accumulated deficit (49,579,500) (34,703,900)
-------------------------------------
Total shareholders' equity (deficit) (2,939,900) 8,312,700
-------------------------------------
$ 9,449,300 $ 21,742,200
=====================================
and here is the P&L
<CAPTION>
Fiscal Year Ended
-------------------------------------------------------------------------
September 28, September 29, October 1, October 2, October 3,
1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Revenues $ 13,693,200 $ 12,024,200 $ 8,041,400 $ 5,139,400 $ 4,286,300
=========================================================================
Loss from operations $(14,809,200) $(11,154,700) $(3,071,500) $(2,629,500) $(1,552,100)
=========================================================================
Net loss $(14,875,600) $(15,914,700) $(4,137,500) $(2,463,900) $(1,507,600)
=========================================================================
Net loss per common and
common equivalent share $ (0.73) $ (0.94) $ (0.28) $ (0.18) $ (0.12)
=========================================================================
Weighted average number of
shares outstanding 20,475,100 16,874,300 14,966,500 14,141,500 12,865,800
=========================================================================
Long-term debt $ 1,207,000 $ 3,165,600 $ 201,200 $ 81,100 $ 62,600
=========================================================================
Convertible debt $ 250,000 $ 3,400,000 $ 2,250,000 $ - $ -
=========================================================================
Total assets $ 9,449,300 $ 21,742,200 $15,609,200 $10,355,400 $ 3,897,500
=========================================================================
As you can see there is a serious cash problem here with current
liabilities exceeding current assets. They did just get $4.1mm, so
that may keep them out of chapters 7 and/or 11. However, if this
compnay doesn't get its financial act together soon there won't be
any further resources to tap regardless of the technology. I think
that Evert is cogniscent of the $$$ concerns. Let's hope he can turn
this around. The co can just not afford to have sales apprx
equivalent to the costs of goods, and then take a tremendous bath on
S&GA, research, etc. |
