I guess I can dumb it down so that even spencer can follow the point (spencer, read really slow)

BFRE financials last 5 quarters - in millions
(left to right, ending 06/08 09/08 12/08 03/09 06/09)

cash & equivalents
8.4 4.8 3.0 1.6 0.7

total current assets
8.8 5.4 3.8 1.7 0.9

total assets
9.1 5.6 4.0 1.9 1.0

total current liabilities
0.7 0.7 1.9 0.6 0.5

total liabilities
0.7 0.7 1.9 3.3 6.3

total equity
8.4 4.8 2.1 (1.4) (5.3)

net income (loss)
(6.9) (11.1) (14.4) (0.6) (4.5)

net change in cash & equivalents
(4.6) (8.2) (10.0) (1.4) (2.3)

tangible book value per share
0.30 0.17 0.08 (0.05) (0.19)

Every one of those trends is pointing to the same destination. If you are honest with yourself, you can see it clearly.

heck, even spencer can read that roadmap
here is a link if you want it in color

http://ih.advfn.com/p.php?pid=financials...