Oh Yeah, Green Packet Lost Less Money

How could I NOT write about Green Packet?

Green Packet announced its earnings tonight.

Fact. It lost some 44 million for the quarter.

Fact. This is the 9th consecutive quarter of losses. 27 month of losses,

Fact. Green Packet's total losses for last 27 months equals some 275 million!

Fact. Green Packet raised some 98 million via rights issue last Aug. 2009.

Fact, Jan 2010. Green Packet raised some 69.176 million from a share placement.

Fact. After the rights issue, the following quarter, November 2009, Green Packet said it had some 174 million cash and some 209 million in borrowings.

Fact. After tonight's earnings, or 6 months later, Green Packet said it had some 111.699 million cash and some 256.376 million in borrowings.

Fact, Nov 2009, Green Packet had 68,691 in trade payables. In Feb 2010, trade payables grew to 159.192 million. Today payables total some 188 million. (Why so much payables nowadays? Who is Green Packet not paying? )

So how?

Green Packet owes its bankers more money, yes? It's debts had increased.

It has less money, despite the rights issue and placement of shares.

So is less cash and more debt good?

At this rate, got enough cash ah?

Oh yeah, last quarter Green Packet has some 95 million in losses. Today's is much less. Yeah, now can I put a spin on Green Packet and say that things are getting better because Green Packet has lost less money. Buy ah?