Here's the scoop from the last balance sheet...notice, they only have 11.767
million left in stockholders' equity. If they lose 7-10 million more (cash), that just
about gets them delisted from the Nasdaq due to certain rules. I'm sorry, I was
a stockholder here for quite some time before I sold out recently for fear of this
very problem.
There's more of a problem here than just an earnings shortfall and cancelled
merger. The liabilities of 52,920 are about to exceed the assets of 67,866...if you
figure in the newest loss of 7-10 million.
ASSETS
Current assets:
Cash and equivalents $ 34,959 $ 47,110
Accounts receivable, less allowances
of $5,330 and $6,568 8,598 7,891
Inventories 2,060 4,042
Prepaid royalties 5,488 2,139
Other current assets 1,292 1,958
Total current assets 52,397 63,140
Property and equipment, net 7,924 7,802
Investments 3,445 6,050
Other assets 4,100 3,313
$ 67,866 $ 80,305
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,808 $ 3,508
Salaries, wages and related accruals 4,411 6,337
Royalties payable 1,844 1,840
Current portion of redeemable preferred
stock 2,702 --
Other current liabilities 6,383 7,122
Total current liabilities 19,148 18,807
Long-term debt 32,445 32,739
Other liabilities 1,327 1,280
Total liabilities 52,920 52,826
Redeemable preferred stock, net of current
portion 3,179 5,881
Stockholders' equity 11,767 21,598 |
