The Good, Bad, and Ugly The Good:
+ company made over 100k more than they did over previous years 9 month operation.
+ administrative and selling expenses significantly down. (442k vs 786k)
+ no write downs from unsold or poor production of seedlings for 2012 (2011 was 246k)
+ current liabilities dropped from $723k in 2011 to $555k in 2012.
The Bad:
- revenue from the last 3 months down significantly compared to last year. ($50k vs $91k)
- increase of debt in form of convertible debentures and short term debts skyrocketed to $221k in 2012.
- $11k of available cash.
- total assets down compared to 2011.
- management predicted of at least $50k of profit being sent back to head office in May and every month thereafter through growing season. It didn't look like that happened. No further update on working relationship in supplying seedlings to Ordos contract.
The Ugly:
- with only $11k in the bank, and stock price below 5 cents, no possibility of PP financing. Cash burn rate is still high and unsustainable at these revenue levels. With so little cash, my guess is that Raymond is idling the greenhouses again because there is no money to pay for the expenses. Their only hope is the loans come through. We are on life support.