>>I am now short 11,000 shares of VNX. I don't see a $30-million-dollar company, so I don't think $1.80/share is a bargain at all.<<
Hear hear! Some might argue the risk in your work is that VNX is taken over, but I think that's unlikely, and even if it were to occur why would anyone pay up for this company when their revenue and loss figures are as what you've just posted? It's clear this is a seriously flawed company and not one in which anyone would pay a premium to invest in, or take over.
The obvious buyers of VNX would be either Aristocrat or AGI to fill in some holes in their goals toward providing systems business for the table side. AGI's balance sheet is already teetering on the edge, and Aristocrat has shown no interest in developing a table system's business.