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To: Jeffrey S. Mitchell who wrote (9337)	11/16/1998 11:10:00 PM
From: Alan Coccio	Respond to of 10903

They keep the doors open as long as they can convince banks or private investors to pony up some cash. They've done a good job of convincing (read: fooling) most of the people most of the time...so far.

To: Jeffrey S. Mitchell who wrote (9337)	11/16/1998 11:55:00 PM
From: Neil	Read Replies (1) \| Respond to of 10903

Jeff, Look at their statement of cash flows, this will show where it all came from and it all went on a cash basis. Does anybody know what this increase in time deposits is?, Also what of these consulting fees, I wonder if a large portion of the 1/2 million dollar increase in A/P is due for consulting to the major shareholders. That being the case it would go a long way to explaining bank financing as it may show as A/P but for bank purposes it would be looked at as a shareholder loan and they would sign off on the fact that they wouldn't call it. Well we're on consulting what are we paying these guys in consulting fees anyway? Also, can someone tell me what Recognition of beneficial conversion feature is? It was worth a good input of cash but is beyond me what it could be. Neil

To: Jeffrey S. Mitchell who wrote (9337)	11/16/1998 11:59:00 PM
From: Neil	Read Replies (1) \| Respond to of 10903

Their burn rate needs to also include the amount they're spending on interest as well which is 849,885. This increases your figure to 5,177,751; /12 = 431,479 per month

To: Jeffrey S. Mitchell who wrote (9337)	11/17/1998 9:28:00 AM
From: BONZ	Read Replies (3) \| Respond to of 10903

Jeff. I believe the 1.3 M in loans includes the CD's which are classified as debt on the balance sheet. I don't see any material bank loans on b/s. Any cash from cds and loans was expended on salaries. I would say TPI is surviving now on lower salaries and down payments from customers on contracts. Heard they are getting up to 20% upfront. Consulting expenses are high because of Century Scan R&D work which is not capitalizable and third party consultants hired to do work on contracts, for which SOP 91-1 does not allow revenue recognition as of July 31, 1998. Hope this helps. From a CPA perspective, the thing I find most interesting from this filing is the share difference at TA, how we get to 18.1 M in shares o/s and the fact that TPI is not registering some of TKs shares. I think they are starting to come around on TK. One more event needed...