NC = Current liabilities - current assets. Got it. Okay, so here's 10K data:
March 29, March 30,
1998 1997
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ASSETS
Current assets:
Cash and cash equivalents $ 8,400 $ 27,832
Short-term investments 9,556
Accounts receivable 1,429 431
Prepaids and other current assets 880 246
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Total current assets 10,709 38,065
Property, plant and equipment, net 31,712 17,191
Investment in joint venture 285
Other assets 188 270
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Total assets $ 42,894 $ 55,526
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LIABILITIES
Current liabilities:
Current portion of long-term debt $ 399 $ 1,433
Accounts payable 2,353 1,949
Accrued expenses 7,213 5,404
Accrued royalties and license fees 1,000 1,913
Advances 700
Accrued compensation 817 1,261
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Total current liabilities 12,482 11,960
Deferred revenue 2,500
Long-term debt, less current portion 4,950 5,217
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Total liabilities 19,932 17,177
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Commitments and Contingencies (Notes 7 and 11.)
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value:
Authorized: 10,000 shares;
Issued and outstanding: none
Common stock, $0.001 par value:
Authorized: 50,000 shares;
Issued and outstanding: 25,067 and 21,745 shares at
March 29, 1998 and March 30, 1997, respectively 153,583 140,580
Notes receivable from shareholder (4,862)
Deficit accumulated during the development stage (128,012) (103,526)
Cumulative translation adjustment 2,253 1,295
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Total stockholders' equity 22,962 38,349
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Total liabilities and stockholders' equity $ 42,894 $ 55,526
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So the above is it in a nutshell. Not so surprising for an R&D shop trying to make the leap to commercial viability, eh? Clearly they're gonna need financing, and this has been mulled over in endlessly fascinating way's these last few days. Along with, of course, the constant yada yada by the negativists and the positivists. To the point of repetition. Will they fail? Will they succeed? At this point it's anyone's guess/gamble/speculation. All parties point's of view are relevant, but tell me WHO can say for sure? BUT, since me think's it HAS all been said, it's about time to sit back and await the outcome of mgmnt's strategy. It should come clear over the next 60/90 days. I can afford to wait and see. Meanwhile, other equities beckon.
Don'tcha just luuuv speculating?
John~ |
