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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)

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To: Mr Logic who wrote (18352)	6/15/1998 3:03:00 PM
From: PaddyD	Read Replies (5) of 31646

I am long, BUT. You and TokyoMex were short in April and caused an emotional storm. So much so that I thought you wrong and added to my position at over $13. NOW I am willing to remain open minded about other opinions. Re: Pink's question. Went back to www1.freeedgar.com and found. << During the third quarter of the current fiscal year, the Company obtained a $4,000,000 loan from an investment company. THE LOAN IS SECURED BY SUBSTANTIALLY ALL ASSSETS OF THE COMPANY (caps mine). The loan bears interest at the rate of 11.5% per annum. The loan is due in February 2003. No principal payments are required until maturity. The Company granted the lender stock purchase warrants to purchase 155,000 shares of its common stock for $6.25 per share. The warrants expire in February 2003. Under the terms of this facility, additional warrants may be granted if the outstanding principal is not repaid prior to either December 1998 and July 1999. Proceeds were used to extinguish senior bank debt and for working capital purposes associated with Y2KOne-TM- development and market implementation. >> I checked the charts of the other companies on the loan list and most are very small companies priced below $8 and trending down. << Tava's Current Ratio as of 3/31/98 = 2.69 (current ratio = current assets/current liabilities) Tava's Quick Ratio as of 3/31/98 = 1.80 (quick ratio = cash + marketable securities + accounts receivable/current liabilites) As of 3/31/98, Tava's cash and receivables alone exceeded Tava's combined current and long term liabilities. Please remember all of these numbers are before the 12.5 million Tava booked in May alone. In my opinion, Tava's balance sheet is not a problem folks. >> Pink's question remains unanswered. Why pledge ALL assets for a mere $4MM? At a HIGH interest rate. Is there somthing missing in this picture.

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