Bill, did you ever look any closer at BWT? From their 10Q, they appeared to have about $10M in cash in December, with a burn rate of $5M per quarter and no income:
The Company's financing activities resulted in an increase in cash of $14,784,000 during the nine month period ended December 31, 1998, due to the $15,000,000 of equity capital raised in May and December,1998. This increase was partially offset by the $5,013,000 of cash used by operating activities, principally research and development expenses related to the Company's new LATW technology as well as administrative expenses, marketing and capital expenditures related to preparing for the launch of BriteSmile Teeth Whitening Centers ... The decrease in sales was due to the fact that the Company had no sales of its laser-based arc lamp teeth whitening (LTW) system in the three and nine month periods ended December 31, 1998, and has discontinued all development work on the LTW system. Additionally, the Company has discontinued sales of take-home and in-office teeth whitening chemical products used with the LTW system. |
