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Microcap & Penny Stocks : Microcap Potential Homeruns--Credible, and Reporting -- Ignore unavailable to you. Want to Upgrade?

To: NAG1 who wrote (219)	3/11/2009 1:14:05 PM
From: Ted M	Respond to of 1056

MITK caught my eye a few months back with their low market cap combined with only a small loss in the 4th qtr of about 280K. Then I got even more interested as I learned more. However, their 1st qtr came in with a lot larger loss, so some enthusiasm waned. I don't know the industry well enough and can't tell from their PRs how far away profitibility is, but this from the 10q leads me to NOT expect profits in the very short term. (they prob have less than 30 ees now too).. Nevertheless, this looks like a legit company that MAYBE has something of value brewing. It looks like it is worth doing more research on to get a better handle on the potential. Maybe someone here would care to do that and report back, as I've got other irons in the fire right now.. idea.sec.gov "Based on its current operating plan, the Company’s existing working capital may not be sufficient to meet the cash requirements to fund its planned operating expenses, capital expenditures, and working capital requirements through September 30, 2009 without additional sources of cash and/or the deferral, reduction or elimination of significant planned expenditures. The Company is taking expense reduction measures to conserve cash and has retained an investment banking firm to explore strategic alternatives. In addition, the Company may need to raise significant additional funds to continue its operations. In the absence of positive cash flows from operations, the Company may be dependent on its ability to secure additional funding through the issuance of debt or equity instruments. If adequate funds are not available, the Company may be forced to significantly curtail its operations or to obtain funds through entering into additional collaborative agreements or other arrangements that may be on unfavorable terms, if available at all. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. In addition, these financial statements do not include any adjustments to the specific amounts and classifications of assets and liabilities, which might be necessary should the Company be unable to continue as a going concern. On January 9, 2009, the Company implemented a plan to decrease its operating expenses by reducing its workforce in light of the economic contraction of the financial services market into which the Company primarily sells its products. The staff reduction included general and administrative, sales and marketing and technical staff. The Company has diligently maintained key resources to adequately pursue new sales opportunities and support its operations. The Company's management does not believe that such reductions will impair the Company’s ability to develop its ImageNet Mobile Deposit application and other mobile capture products, or to provide technical support to its current and prospective customers."