Line ball I'd say. Their cashflow out for the June quarter was $470K, down from $810K the previous quarter.
Take in the number of announcements forecast to start revenues in July and I think this amount will come down quite rapidly. With $2.7mill in the bank as of end of June, I think it might be possible to become cash positive without any further placements.
Announcement in quarterly:
Cardia won increased sales orders in the Brazilian retail market at the APAS 2014 Fair in São Paulo, Brazil. The annual supply requirement of these retailers is forecast to be a minimum of $1M with supply commencement scheduled for July 2014.
Pretty good position right now but they do need to consolidate on the current growth as we've been here many times before.
CNN Price at posting:
0.4¢ Sentiment: None Disclosure: Held
