Q2 results filed on sedarComplicated financial statements and poor disclosure by mgmt does not instil investor confidence......
net income is wildly distorted by all kinds of non cash, non recurring, non realized items....
adjusted ebitda is unreliable with large loan interest.....
so must look at cash flow from ops....
I calculate that steady state cfo is approx. $2 million per qtr....if salaries are reduced by 25% as mgmt has guided that will be another $500,000 in cash flow so looking forward say $10 million per year in cash flow......
| | Cash Flow | one time | adjusted | Adjusted |
| | from ops | cash costs (1) | cffo | ebitda |
| Q2 16 | 1,348,541 | 721,331 | 2,069,872 | 2.76 mil |
| Q1 16 | 1,928,914 | 271,492 | 2,200,406 | 3.00 mil |
(1) one time costs:due diligence, severance, restructure, transactions