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Super posts CF & Dig. Dig a while back you wrote something like: Wave has increased rev &/or decreased expenses or extended A/P or they're passing out bad checks all over the place. I of course concurred. Re: the A/P, their COGS is only about 5%, the rest is payroll & and payroll related benefits/taxes, rent, and travel. Rent and payroll can't be extended, some payroll related exp can but not more than 3 mos. at the most. The point is, to have not raised financing in more than 4 mos. must mean that near CFBE for Q4 was obtained via increased rev and/or decreased exp. OR management has magic tricks.
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