10Q was filed at last possible moment. No announcement yet, so this is the first news reporting the quarter's results.
edgar-online.com
net loss $1.9 M
revenue $ 676,313
Cost of revenue $851,580
So not only are they not selling much at all, they have a negative gross margin on what they do sell. Revenues are comparable to a year ago, but at least back then the gross margin was slightly positive.
cash flow from operations for the last 9m months was ($5.0 M)
Compare that to ($3.2 M) for the first 6 months, and it looks like they've increased their burn rate to $1.8 M per quarter. Their $3.2 M of cash won't last them until September 30, at this rate. They are going to need to do another financing deal soon.
R&D has been pruned to a mere $0.5 M per quarter.
dilution:
On May 13, 1999, there were 17,768,544 outstanding shares of Common Stock. That's up from 17,044,235 shares 3 months earlier. Series E & F haven't converted yet.
Liquidity and Capital Resources
Operating losses have had and continue to have a substantial negative effect on
the Company's cash balance. At March 31, 1999, the Company had $3,322,000 in
cash and cash equivalents. |
