The critical point about yesterday’s full year numbers from TrakM8 (TRAK) is that they show a company with zero earnings visibility, burning cash and with a drowning in debt balance sheet which is thinner than an Ethiopian super model when it comes to tangible net asset backing. I do not wish to sound like an accosting pedant and geek but there is another issue: auditors PWC Southampton have screwed up and the numbers need to be corrected and re-issued. Let me explain:
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