The data on DGV is old, but it isn't that easy getting the latest data either. Yahoo! has no "SEC filings" link, and edgar.sec.gov has no 10-Q's. EDGAR does have the filing for the scondary, however:
sec.gov
I didn't try analyzing the filing, but on first blush, they rloated an 18M secondary, and used 5M/so to pay off debt. Here's the breakdown per the prospectus:
USE OF PROCEEDS
The net proceeds to Digital Lava from the sale of the securities offered in
this offering, after deduction of underwriting discounts and other estimated
expenses relating to the offering, are estimated to be approximately
$14,964,000, or $17,328,660 if the over-allotment option is exercised in full.
Digital Lava intends to use the net proceeds as follows:
Percent
Net of
Proceeds Total
----------- ----
Product development expenses ...................... $ 3,000,000 20.0%
Sales and marketing expenditures .................. 5,000,000 33.4
Facilities and other capital expenditures ......... 400,000 2.7
Expansion of internal operations .................. 300,000 2.0
Repayment of certain indebtedness ................. 4,469,247 29.9
Working capital and general corporate purposes .... 1,794,753 12.0
----------- ----
Total ............................. $14,964,000 100%
It looks like there are some set asides for R&D, and extensive expenditures in Sales&Marketing. This looks more a like a venture capital business plan, than an investment. The lack of readily available financials makes the stock difficult to analyze, at best. |
