RE: Cash and debt...Good day all, especially you hardliners :)
I’m still reading the board and keeping abreast of Sirit,however I ran out of un-bounding enthusiasm a number of months ago when Irealized how much energy I was spending on Sirit. Sirit is in a better positionthan ever before, but its time I focused more on my overall portfolio.
Blue, as for comments on the debt it is impossible for us toknow the significance of the latest restructuring of the debt without knowingthe previous covenants. However I assume Sirit had to maintain cash at a higherlevel than the current $1.5m restricted cash, otherwise the change wouldn’tmake any sense. So in simple terms Sirt has $1.7m to go before something has tohappen, which at the current burn rate is a long time. Especially given thatrevenues for RFS should continue to increase and we should see a large contracton the AVI/EVR side sometime this year.
Sirit sales need to be near $8m before it shows a profit, whichreally isn’t that much of an increase with all the things currently in the que.As well I fully expect Wolf to bring a surprise to the table this year, as hehas the most to gain from Sirit succeeding this year than all other principals.
Good Luck to all us longs…..
John (Still holding ALL my shares)