SufWatch

Total Rating:
0 / 0

1 Comment

    • Mon Feb 25th 08:54 AM | Rating: 0 0
      Commented on:
      Saving SulphCo From Investor Confusion
      "Prior to the transaction with Isis Megah, the company had cash reserves sufficient to last through August 2008."

      Company had working capital of under $3M as of the 3Q filing. A 3 month burn rate of $1.4M+/month, 9 month of $1.6M+/month. Despite the further infusion of $5.3M from the PIPEs in Novemebr, an an interesting accounting for a $5M debt by the new CFO, SulphCo remains cash starved necessitating an unplanned meeting to increase float to be held later this week. Under the original terms with the PIPEs, the meeting was not expected before mid-April at the furthest. It is invariably driven by SulphCo's need to sweeten the soon to be filed 10K for 2007.

      Interesting, while the Nexidea analysis focused on increased yields, under the new managements tenure no specifics regarding such increases have been released. The management is now using a World Bank article, designed for use by governments when dealing with the petrochemical industry, to support its "business model".

      View article »
Loading...
Symbols:
Authors:
Quick Links:
Contribute an Article Become a Seeking Alpha Contributor

Transcripts

More Transcripts»