That was such a poorly written press release of the annual report results.
Anyway, as I asked before, how many machines did they sell last quarter? Calculating from previous 10Qs, revenues of 1.8 million the quarter ending March 31 last year, then 300,000 the next quarter, then 1.2 million last quarter. Altogether gives a grand total of 3.3 million dollars. However, the annual report says they had only 3.29 million in sales for the ENTIRE YEAR. That makes more sense now. In other words, they had NO revenues from sales of machines in the last quarter.
It's also interesting to look at expenses -- last quarter must have been about 5.75 minus 1.25 minus 1.50 minus 1.00 equals 1.25 million -- that's about the same as the previous quarters. In other words, even though they apparently didn't sell any machines, they still managed to incur the same expenses.
So say the 24,000 in cash collects 42,000 in receivables -- how will that translate into a "platform for substantial growth"? Maybe that's how they're planning to use the additional 20 million shares requested in the proxy statement. I have to wonder what price they'll be able to sell them, however -- given the circumstances.
"$1.5 million related to the litigation and settlement of issues related to a former CEO."? Really? Management spent 1.5 million to save paying out $750,000? I presume that 1,5 million doesn't include the $750,000 since the $750,000 is still listed as an asset on the balance sheet. So on top of the 1.5 million, they still had to fork over the 750,000 this last quarter? That's rather depressing, isn't it?
"The company is embarking on a global growth initiative aimed at making this technology known and available to institutions and patients both across the US and internationally," said Rus Howard, Chairman of CTTC's Board of Directors. "When you consider how a course of treatment with this revolutionary technology can bring relief to pain sufferers, you understand why we feel that this product is a true game changer. We are looking forward to a bright future both for the company and for people whose quality of life will be dramatically improved by our technology."