One thing I did find interesting is that Quarter 2 Revenues were at 2.9 million. This is a substantial increase over Quarter 1 revenues which were 1.8 million (not accounting the 3 million from Rhoto). The 2014 Quarter 1 Revenues were 2.3 million. The drop in Q1 2015 was attributed to the regulatory issues so we do see some traction in revenues. I would predict that the next quarter should see some decent gains.
With Revenues of approx 3 million per quarter, they need to bring their burn rate down to be more inline with 3 million rather than the current 5 million per quarter. The 30% reduction in work force should drop this burn rate ...about what?? 1 million per quarter?
I haven't looked through the financials but just based on an off the top look of things it really isn't that bad. Its only the current covenants that are messing things up....and now that the stock has fallen its a catch 22. The situation is very salvageable, however the question is whether they can ramp up sales in Aurix enough.
I am curious as to how much revenues they expect each VA to bring in under the current rates.