they restructured their financing and GAVE MONEY BACK TO BT BECAUSE THEY DIDN'T NEED IT. In fact, their unrestricted cash INCREASED for the quarter. They are now cash flow positive, one of less than 10 INTERNET COMPANIES THAT CAN SAY THIS.
Granted, they had a profitable quarter, but their total equity still declined from $34 million to $23.6 million. Their 4th quarter revenue went from $30.5 million to $19.5 million and their 4th qtr gross profit went from $23.8 million to $14.5. It seems that what saved their bacon was slashing their sales and marketing budget from $86 million to $41 million annually.