Information from 10k review: Cash was $34 milli
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Posted On: 07/31/2021 12:46:21 PM
Information from 10k review:
Cash was $34 million on May 31. The "normal burn" is about $8 million a month. But, they also paid the $7.6 million arbitration award to Pestell in July. So, current cash levels (July 31) are right around $10 million.
Accounts payable and other accrued liabilities totaled $85 million at May 31. This included 11 million of legal judgement accruals, of which they paid $7.6 in July. They probably haven't paid the $3 million they accrued for the "Tony C" group that won the "share clawback" dispute earlier this year. They owed Samsung about $47.5 million as of May 31.
They produced a schedule showing that they owed Fife $65 million on May 31. It is a little misleading because they don't show the $3.5 million original issue discount on the notes in this figure. It doesn't appear until they pay off the notes. Not sure why. But, trust me (ha!), they really owe Fife $72 million at May 31.
They have since reduced the Fife debt by about $9 million, so it is about $63 million as of July 31. They did this by issuing Fife 7.4 million shares at an average value of $1.35 in June and July. Fife has likely sold most of all of those already at a modest profit.
They did not complete all the required "debt reduction payments" to Fife in June and July. The agreed to defer $1.5 million on the June reduction and $3.5 million of the July reduction. So, they are not in default. They continue to renegotiate and extend.
The remaining authorized shares at May 31 that they can issue were 41 million. We know they issued 7.4 million to Fife since then, so we are down to 33 million at this point.
Cash was $34 million on May 31. The "normal burn" is about $8 million a month. But, they also paid the $7.6 million arbitration award to Pestell in July. So, current cash levels (July 31) are right around $10 million.
Accounts payable and other accrued liabilities totaled $85 million at May 31. This included 11 million of legal judgement accruals, of which they paid $7.6 in July. They probably haven't paid the $3 million they accrued for the "Tony C" group that won the "share clawback" dispute earlier this year. They owed Samsung about $47.5 million as of May 31.
They produced a schedule showing that they owed Fife $65 million on May 31. It is a little misleading because they don't show the $3.5 million original issue discount on the notes in this figure. It doesn't appear until they pay off the notes. Not sure why. But, trust me (ha!), they really owe Fife $72 million at May 31.
They have since reduced the Fife debt by about $9 million, so it is about $63 million as of July 31. They did this by issuing Fife 7.4 million shares at an average value of $1.35 in June and July. Fife has likely sold most of all of those already at a modest profit.
They did not complete all the required "debt reduction payments" to Fife in June and July. The agreed to defer $1.5 million on the June reduction and $3.5 million of the July reduction. So, they are not in default. They continue to renegotiate and extend.
The remaining authorized shares at May 31 that they can issue were 41 million. We know they issued 7.4 million to Fife since then, so we are down to 33 million at this point.
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