31-Dec-05 (adjusted for Bricoleur debt, Bricoleur equity sales, convertible debt conversion and repayment, $6M private placement) Cash and cash equivalents 8,705,243 Current portion of A/R, trade, net of allowance for uncollectables 1,550,559 Due from affiliate 4,098 Inventories 3,045,334 Prepaid expenses 113,557 Current assets 13,418,791
Equipment rented to customers, net of accumulated depreciation 146,527 Property and equipment, net of accumulated depreciation 585,431 Intangible assets, at cost, net of accumulated amortization 1,862,268 Due from affiliate A/R, trade, net of current portion, less unamortized discount 600,430 Deferred expenses 748,171 Deposits 759,653 Total assets 18,121,271
Current portion of leases payable 471,269 A/P 1,836,234 Accrued expenses 794,203 Deferred revenues, current portion 52,248 Customer deposits 81,858 Current liabilities 3,235,812
Deferred revenues, net of current portion 161,335 Notes payable, net of current portion 7,000,000 Leases payable, net of current portion 421,975 Total liabilities 10,819,122
Common stock, $.001 par value, 25,000,000 sh. authorized 25,398
Treasury stock at cost (846,820) Deferred expenses (3,419,088) Additional paid in capital 83,410,436
Deficit (71,867,777) Total stockholders' equity 7,302,149 Total liabilities and stockholders' equity 18,121,271
At $2.80/share, the market cap is about $70 million, or less than 10 times stockholders' equity. It's better, but I'll hang in there short until hearing how 2006 Q1 went, and probably longer....
I still need to deal with the warrants issued to the providers of the $5M credit line to be paid off.
This is all pj's wild opinion and conjecture, short-sighted and backwards-looking.
I'm surry for not following all of the links that you just posted in detail
but did you include the 2006Q1 purchase price + shares for the Dolphin deal? I assume that the deal was postponed until this quarter because VNX did not have 750K in free cash until the private placement financing deal with went through.
" ... in exchange for $750,000 cash and 1,000,000 shares of VendingData(TM) common stock. On February 27, 2006, VendingData(TM) entered into a licensing and manufacturing agreement with Dolphin Products Pty Limited, of Melbourne, Australia. Pursuant to the agreement, Dolphin has received the exclusive rights to manufacture VendingData(TM)'s RFID chip product. The agreement has a term of 10 years."
Question: Will the 1M shares that go to Dolphin and the 2.4M share to the finance company be dilutive for existing VNX common share holders?
No, but I'll squeeze it in there. I have an Excel workbook into which I've copied many of their financial statements from SEC filings over the years. At this moment I'm tinkering with the statement of changes in stockholders' equity. I'm looking at the effect of hypothetical forced exercise of all outstanding options (whether actually exercisable now or not) and warrants that I can track down in order to give VNX as strong a balance sheet as I can conjure. These adjustments I'm backing up to 12/31/05, and no consideration of Q1 2006 operating results is being attempted. In short, I'm probing the upper limit of the potential strength of the balance sheet, using assumptions favorable to the company when in doubt.