Blink Logic Inc. (BLKL.OB) is the developer of Web-based enterprise business intelligence software solutions that translate raw business data into visual and interactive tabular and graphical displays of information. At the end of March, the company filed the notification about the late annual filings of 2008. After a month, the annual report was released at last. However, the results weren’t so impressive as one expected. Let’s look atthem.
Total current assets decreased by 63%, while total current liabilities grew almost 5 times, from $3,419,000 up to $17,007,000. It can be seen that the company wasn’t able to cover all the debts. The increase in liabilities was influenced by the current long term debt which exceeded 5 times in one quarter.
Analyzing the income statement, operating loss has also captured my attention. In 2007 it was $3,578,000, while in one year it grew up to $7,462,000. At the same time, gross profit went down by 82% in the same period.
As the company’s performance is not very positive, the stock is also going down. After the last trade, the stock price was 10% down (stock price was $0.18) with the volume of about 10,000. In order to improve the image of the company, Blink Logic has been involved in stock promotions:
OTCPicks.com has been compensated eight thousand dollars by the company for BLKL advertising and promotional services.
I am not sure this is going to save the company but the stock promotion is supposed to do that. Unfortunately, the performance of Blink Logic is unattractive from all perspectives.