Reciprocity for his "contributiion" to GWG bd. The grotesque GWG basher, The_Dermetitis, will not tell you of the dire money situation facing Ucore--they run out of money in about three weeks, it appears. Does that mean BK or just even more dilution? Poster Springtrader has generously performed a public service and shared that information with the UCU board in two posts, the combined relevant parts of both are below:
"Over at my main haunt, we eagerly await each quarterly report and always rip it apart for information like a bunch of wild dogs. I'm surprised nobody is discussing Ucore's year end statement.
I see that Dec 31st cash is listed at $2.14 million, down from $3.42 million on Sep 30th. That makes for a $1.28 million burn per quarter. I doubt if they were able to lower expenses since they already seemed to be doing nothing late last year. If we subtract $1.28 million from the $2.14 million on hand as of Dec 31st, that should give us a good indication of cash on hand at the end of the 1st quarter: 2.14 - 1.28 = $860,000 cash as of March 31. Since we are already one month into the 2nd quarter, we need to divide that $1.28 million per quarter cash burn by 3 to give us an estimated monthly cash burn: 1.28 / 3 = $426,666 monthly cash burn. Now, all we need to do is to subtract the monthly cash burn from the March 31st cash on hand to give us a fair idea of the current cash situation: $860,000 - $426,666 = $433,334 cash on hand as of April 30."