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To: James Fink who wrote (1541)	3/16/1998 1:39:00 AM
From: Ken98	Respond to of 2063

Jim, more re. cash position. I finally got back onto Edgar and looked at the more detailed cash and expense reporting and I don't think we are missing anything. Specifically: (1) 3Q expenses including depreciation were $4,094,801. Net of $1,056,123 depreciation, actual expenses were $1,364,933 per month. This is not too far from my previous number. (2) Looking at the "Cash Flow Statement" for the first 9 months of 1997, there was a "decrease in cash and cash equivalents" of $15,329,025. This equals $1,703,225 per month in decrease in cash. (3) As of 9/30/97, cash balance was $4,271,045. Assuming that the quote from 1/30/98 was just ambiguous, and the cash balance prior to the loan was $1,000,000, then there was a $817,761 per month decrease in cash during the 4 months prior to the loan. If the cash balance prior to the loan was, shall we say less than $1 million, the cash burn for that 4 month period could be as high as $1,067,761 per month, which is close (actully much less than) to 1997 reported numbers. The other thing to remember is that the last reported number(s) were as of 1/30/98. Jim, I am not an accountant and am welcome to any other interpretations of these numbers. Honestly, it was something that I had never noticed until your post about the 1/30 press release that caught my eye on the cash balance at that point.