This is how we play...we burn 4M in Q1, and 2M in each of the remaining quarters (10M per year). Repeat till no more money to burn.

I would short this stock but cannot take
that risk...I would have bought put options
if they were available.

If you are invested in this stock or are looking to
invest, please read on..

For those who are waiting for a turnaround...well the problem is not the housing market so don't expect zipr to do better when housing stabilizes....they did not make a dime even when both house prices and transaction volumes were at a peak in 2005....one of the original guys already cashed out of his shares last year by selling stock
back to the company (the stock buyback in 2008 was not an open market purchase..it was the insider selling stock back to the company).

For those who believe that increasing revenue will help them turn around...just look at the numbers in best quarters and you will soon
realize that the losses stay the same no matter what the revenue is...the company had one or two near break even quarters at the
peak of the housing market and even then it
did not generate FCF.

So what else the company can do to make a profit....if it was me, I would fold the business and return the remaining cash to the
shareholders.

You may want to listen to the Q&A of the last few conference calls...even the analyst do not
bother asking about the business...most of their
queries are about the general housing market.

And for that poster who keeps promoting the
website and the agents....if the company
cannot make a profit it does not matter how good
the website or the agents are.

In short...the business model is flawed and such a business cannot make a profit for an
extended period of time no matter how good the
housing market is.

Good Luck.