The 10Q was filed at about 9:47 pm, Friday.
freeedgar.com
Below are a few items that caught my eye:
"Sales for the three months ended March 31, 1998 were approximately $258,000, representing an increase of approximately 70% over the fourth quarter of 1997."
"The Company has a sales order backlog of approximately $3,200,000 as of May 1, 1998 with requested customer delivery dates principally through the end of 1998. The Company has the production capacity to ship a substantial portion of this backlog in 1998."
"The Company's cash and cash equivalents at March 31, 1998 were $836,687 as compared to $1,934,574 at December 31, 1997, a net decrease of $1,097,887 for the three months ended March 31, 1998."
"The Company believes that on an operating basis it can achieve break even on monthly sales of approximately $400,000. The Company believes it will begin to achieve this level of sales at some point prior to the end of 1998."
"...the Company has secured a binding commitment for private equity financing in the amount of $1,237,500 and intends to use the net proceeds of approximately $1,052,000 for working capital requirements. The commitment is required to be closed on or before June 15, 1998. In the event that revenue growth is not attained and/or the additional private equity financing is not obtained, the Company has the ability and intends to undertake actions to reduce operating expenses."
I certainly didn't expect this based upon the press releases, January live teleconference and the Stock-Up report. |
