Q1 financialsThese look much better than the prior ones, however it appears there is still alot of work to be done. Cash burn is still too high. Current ratio is out of line and includes all inventory sold at fair value.
Q2 i expect to look much better, this beat my expectations for Q1.
I spend too much time wondering how much the next round of debt delays is going to cost. Read notes 12-14 and you will see what i mean. 98M current liabilities must be resolved (148 - 50 senior debt), that means revenues must increase by over 10M / quarter with similar or better margins to avoid costly refinancing like in the last Q. Q2 will have an additional 3.5M in financing costs not represented in this Q, nor is any of the debt renogiated in April (23rd) 2020.
i would love to see this get back to book value (around 21 cents+-). That would show investor confidence and be a good indicator of their survival. If they don't, it will stay at liquidation values until they are cash flow positive for a quarter or two.
Did they release any guidance on Q2? I cannot seem to locate it. Also would have appreciated a news release that financials were out, seems rather common practice.