Salvatore Emma, Jr., the Company's President and Chief Executive Officer, stated, "We want our stockholders to know that it is of the greatest importance to us to provide confidence and transparency in our financial statements. WHAT A JOKE!!!!!!!!!!!!!
gtrue, think they are talking about continuing operations. If that is the case, then total assets and shareholders' equity each fell by a little over $1 million in the 4th Qtr. according to preliminary estimates; the net loss for the 4Q would also be a bit above $1 million and revenues declined a modest amount sequentially from 3Q.
What we do know is that if the 4Q net loss came in around $1 million, is that it probably included some nonrecurring charges as well, at a minimum the severance charge for the former CEO. We will have to wait and see if there was a charge or writedown to any inventory or other assets, but the operating loss ex-non recurrings was probably less than $1 million. They probably had about $360,000 of Depreciation expense as well given the latest run rate in the third quarter. So bottom line, operating cash flow from continuing operations ex-nonrecurring charges was probably not that large. I doubt they were operating cash flow break even, but probably not that far from it, at least in a relative sense. Also remember 4Q tends to be a "housecleaning" quarter for all companies where they sweep away anything old, obsolete, nonrecurring. etc. to set up the forward year. It's a shame they cannot file in time for even the extended deadline, but they have been busy for sure lately including management changes (some unexpected) a major new financing and a complicated internal audit following the discontinuance of WirelessDx and review of other assets and revenue. I would expect a de-lisitng notice in the next day or two--but it will be mostly a technicality resolved within a couple weeks before month end.
why do you think it is only from continuing ops? Also, they are giving the number for the whol year :
"However, for the year ended December 31, 2012, the Company preliminarily expects to report the following:"
And finally, you can have lower assets (of course you are liquidating Wireless, right?) but does not mean all of that goes to a loss, right?
Anyhow, I am an engineer so accounting is weak on my side....