Historical Financial Statements
Confidential · Jul 2026 · net of ITBMS
Historical Financial Statements Actuals from the ERP
Income statement, balance sheet and cash-flow statement for OKIO Vision, built directly from the Odoo general ledger (okio.la) — every figure reproducible from posted entries, net of ITBMS, on the management view (excludes the IFRS-16 lease and income-tax journals). The 2025 monthly detail sits in the annex; the body focuses on 2026 month-by-month, the period that matters for the round. The story the numbers tell: a company that raised capital, built owned stores, and is now scaling revenue into that fixed base with widening operating leverage — with an owned lab as the next build the Big Dream round funds (a structural margin lever; lens fabrication is outsourced today).
The shape of the expansion
Deploy the asset base
Revenue ramped from $4.0K to $55K/mo. The company invested ($345,670) in PP&E — four owned stores — funded by equity. Lens fabrication is outsourced for now. Gross margin already ran at 66%.
Fill the capacity
Capex fell to ($19,834) — the build is done. Net revenue reached $310K in six months (~$621K run-rate), while OpEx as a share of revenue dropped from 209% to 158%.
Operating leverage + own lab
The store base is built and largely fixed, so each incremental revenue dollar converts at ~65% gross margin toward EBITDA. The round also funds an owned lab — bringing fabrication in-house lifts gross margin (~69%→73%) and cuts delivery to 24h. July 2026 is tracking a record ($36K net in ~19 days).
Key trends
Revenue steps up and holds near ~$50K/mo through 2026 at a steady ~65% margin; EBITDA losses narrow on a fixed base — the dashed line strips the one-off CEO bonus (Mar, ~$36K largely in equity / non-cash) to show the underlying trend; operating cash flow is lumpy month-to-month on working-capital timing but trends toward breakeven as volume builds.
Income statement — 2026 month by month
Management view · USD, net of ITBMS · excludes IFRS-16 lease & income-tax journals. Monthly Jan–Jun 2026 (closed months), with H1-26 and FY2025 totals. 2025 monthly detail is in the annex.
| Income statement (USD) | Jan | Feb | Mar | Apr | May | Jun | Jul (P) | H1-26 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Gross revenue | $55,877 | $55,565 | $51,453 | $56,085 | $57,869 | $51,223 | $63,626 | $328,070 | $393,537 |
| (–) Discounts | ($1,223) | ($1,969) | ($3,293) | ($3,017) | ($3,916) | ($4,325) | $5,690 | ($17,743) | ($32,159) |
| Net revenue | $54,654 | $53,596 | $48,160 | $53,067 | $53,953 | $46,898 | $57,936 | $310,328 | $361,378 |
| (–) COGS | ($41,654) | ($24,994) | ($16,152) | ($16,576) | ($17,007) | ($16,212) | ($20,466) | ($132,595) | ($123,518) |
| (–) Inventory adj. | $19,876 | $9,651 | ($2,672) | ($3,889) | $6 | $0 | $0 | $22,972 | $297 |
| Gross profit | $32,875 | $38,253 | $29,336 | $32,602 | $36,952 | $30,686 | $37,470 | $200,705 | $238,157 |
| % gross margin | 60% | 71% | 61% | 61% | 68% | 65% | 65% | 65% | 66% |
| Personnel | ($48,611) | ($56,809) | ($95,231) | ($42,808) | ($40,903) | ($38,635) | ($40,782) | ($322,997) | ($450,304) |
| Marketing | ($7,137) | ($3,448) | ($6,281) | ($6,841) | ($8,653) | ($10,386) | ($8,627) | ($42,746) | ($89,600) |
| Rent & facilities | ($8,151) | ($9,190) | ($8,598) | ($8,656) | ($8,329) | ($8,499) | ($8,495) | ($51,423) | ($66,648) |
| Technology | ($1,140) | ($2,190) | ($4,101) | ($2,813) | ($2,169) | ($1,645) | ($2,209) | ($14,059) | ($36,568) |
| Prof. services | ($5,739) | ($3,997) | ($1,736) | ($3,048) | ($3,929) | ($3,084) | ($3,354) | ($21,534) | ($32,319) |
| Admin & other | ($5,010) | ($5,805) | ($4,804) | ($5,208) | ($10,958) | ($4,887) | ($3,409) | ($36,672) | ($80,758) |
| Total OpEx | ($75,787) | ($81,439) | ($120,753) | ($69,375) | ($74,942) | ($67,136) | ($66,876) | ($489,432) | ($756,197) |
| EBITDA | ($42,911) | ($43,186) | ($91,417) | ($36,772) | ($37,990) | ($36,450) | ($29,406) | ($288,727) | ($518,040) |
| % EBITDA margin | -79% | -81% | -190% | -69% | -70% | -78% | -51% | -93% | -143% |
| (–) D&A | ($9,139) | ($9,139) | ($9,141) | ($9,141) | ($9,183) | ($9,422) | ($9,249) | ($55,165) | ($55,169) |
| (–) Financing | ($2,019) | ($1,817) | ($1,280) | ($925) | ($1,137) | ($920) | ($994) | ($8,099) | ($10,329) |
| Net income | ($54,069) | ($54,142) | ($101,838) | ($46,839) | ($48,310) | ($46,792) | ($39,649) | ($351,990) | ($583,538) |
| % net margin | -99% | -101% | -211% | -88% | -90% | -100% | -68% | -113% | -161% |
Jul (P) = projection: revenue extrapolated linearly from $36K net booked in the first ~19 days (×31/19); gross margin at the H1 rate; OpEx at the trailing 3-month run-rate less ~$4K for the CFO and designer roles now gone (first clean month); D&A and financing at the recent run-rate. To be trued up at month close.
Read-through: gross margin holds at ~65% every month — unit economics intact as the business scales. The sub-EBITDA losses are the signature of a young owned-infrastructure retailer: a largely fixed personnel and rent base that revenue is growing into. Mar-26 carries a one-off CEO bonus ($36K, largely equity / non-cash); on the dashed ex-bonus line the underlying monthly EBITDA loss runs ~$39K and narrowing.
Operating leverage & recent OpEx discipline
The clearest signal is that revenue is growing faster than cost. OpEx fell from 209% of revenue in FY2025 to 158% in H1-2026, and EBITDA margin improved from -143% to -93% on a mostly-fixed base. Recent cost work is visible line by line:
Personnel is the largest line and is deliberately front-loaded (optometrists, store teams, and the build of an AI-run back office). As the AI operations layer takes over execution, HQ cost is planned to fall toward ~4% of sales at maturity — the structural margin thesis of the round.
AI-driven cost structure — roles already absorbed
The AI plan is not a future promise on this line — it is already in the numbers. As each management/creative function moved to the AI layer, the role rolled off payroll, and the saving shows up in the actuals from that month on (no add-back, no pro-forma). You can see it in the declining personnel line: ~$57K (Feb) → ~$43K (Apr) → ~$39K (Jun) — a ~$18K/mo drop as the roles rolled off (Mar carries a one-off CEO bonus, not recurring) — and in the EBITDA chart markers above.
| Role removed | ~$/mo | Last month in P&L | Absorbed by |
|---|---|---|---|
| Creative Director · M. Albertal | n/d | Feb 2026 | AI creative & content · variable comp — not cleanly traceable in the GL |
| Chief of Staff · M. José Díaz | $4,000 | Apr 2026 | AI operations |
| Designer (contractor) · M. F. Romero | $609 | Jun 2026 | AI design · variable — avg of Apr–Jun bills |
| CFO · Viviana | $3,000 | Jun 2026 | CFAI — AI financial controller |
| Recurring cost removed (traceable roles) | ~$7,609/mo | ≈ $91K / yr | already in the actuals — not added back |
July 2026 is the first fully-normalized month — all four roles gone and the CFAI (AI financial controller) now running finance. The projected July column already reflects this lower run-rate (OpEx ~$67K vs the ~$70K Apr–Jun average). This ~$7,609/mo of removed recurring cost (~$91K/yr) is on top of the line-item efficiencies below (technology, services, admin), all attributable to the same AI implementation.
Account-level analysis — what's driving the year
A read on the notable sub-account movements (monthly average, 2026 H1 vs 2025), separating genuine efficiencies from deliberate growth spend and from costs that simply scale with the store base.
| Account line | 2025 $/mo | 2026 $/mo | Δ /mo | What it says |
|---|---|---|---|---|
| Efficiencies — genuine cost reductions | ||||
| Technical services (IT/tools) | ($1,937) | ($579) | +1,358 | Vendor & tooling consolidation |
| Marketing services (agency) | ($3,165) | ($2,258) | +907 | Leaner retained services |
| Inventory count variances | $0 | $3,811 | +3,811 | Turned favorable — tighter stock control, less shrink |
| Deliberate growth investment — higher on purpose | ||||
| Paid advertising | ($3,667) | ($3,828) | -161 | Deliberately ramped May–Jun to drive the record July |
| Out-of-home / billboards | ($635) | ($1,039) | -404 | Brand push in June |
| Scaling with the base — expected, volume-driven | ||||
| Lenses & lab COGS (outsourced) | ($10,293) | ($22,099) | -11,806 | Up with volume — gross margin held ~65%; lab work bought from third parties today |
| Rent & facilities | ($4,867) | ($7,025) | -2,158 | More owned stores open = more rent (capacity) |
| Store & clinical payroll | ($11,338) | ($14,399) | -3,061 | Front-line teams across the 4 stores grow with capacity — the opposite of the HQ/management roles AI is absorbing |
Net: the efficiency lines are real but small in dollars; the big story is that COGS and rent rise with volume and stores while gross margin holds ~65%, and management is choosing to lean into paid media (May–Jun) to convert the fixed base into revenue — visible in the record July run-rate. Payroll splits two ways: front-line store & clinical staff grows with the store base (the row above), while HQ/management roles are absorbed by the AI layer — so net personnel is already down (Feb ~$57K → Jun ~$39K) even as stores add people.
Balance sheet as of Jul 2026
| Balance sheet (USD) | Amount |
|---|---|
| Assets | |
| Cash & equivalents | $35,822 |
| Accounts receivable, net | $7,038 |
| Inventories | $85,426 |
| Prepaid & tax credits | $3,031 |
| Property, plant & equipment, net | $293,767 |
| Intangibles, net | $490 |
| Other assets | $18,527 |
| Total assets | $444,100 |
| Liabilities | |
| Accounts payable | $30,066 |
| Financial obligations | $22,908 |
| Taxes payable | $309 |
| Customer advances | $2,271 |
| Other liabilities | $89,061 |
| Total liabilities | $144,615 |
| Equity | |
| Paid-in capital | $1,432,037 |
| Accumulated deficit | ($1,132,552) |
| Other equity | $0 |
| Total equity | $299,486 |
| Total liabilities + equity | $444,100 |
What the balance sheet says
An asset-backed retailer, not a cash-burn app. $293,767 of net property, plant & equipment — four owned stores and store equipment (lens fabrication outsourced today; an owned lab is a Big Dream use-of-proceeds) — plus $85,426 of inventory. The company has deployed $1.43M of paid-in capital into that infrastructure and the ramp; the accumulated deficit of ($1,132,552) is the cumulative investment in building the network, not leakage at scale.
Liabilities are modest at $144,615 — mostly trade payables and a small financing line — a clean, lightly-levered structure going into the round.
Cash-flow statement — 2026 month by month
Indirect method · USD · starts from EBITDA (ties to the income statement) and bridges through financing and working capital to operating cash. Beginning cash 2026: $56,347 → Jun-30 cash: $47,625. 2025 monthly detail in the annex.
| Cash flow (USD) | Jan | Feb | Mar | Apr | May | Jun | Jul (P) | H1-26 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | ($42,911) | ($43,186) | ($91,417) | ($36,772) | ($37,990) | ($36,450) | ($29,406) | ($288,727) | ($518,040) |
| (–) Financing costs | ($2,019) | ($1,817) | ($1,280) | ($925) | ($1,137) | ($920) | ($994) | ($8,099) | ($10,329) |
| (±) Working capital & other | $30,911 | ($40,556) | ($3,015) | ($16,129) | $21,807 | $12,429 | $0 | $5,446 | $117,182 |
| Cash flow from operations | ($14,019) | ($85,560) | ($95,713) | ($53,827) | ($17,320) | ($24,941) | ($30,400) | ($291,380) | ($411,187) |
| Capex — stores & equipment | ($2,181) | ($318) | ($166) | ($433) | ($16,392) | ($344) | ($5,723) | ($19,834) | ($345,670) |
| Treasury transfers † | $13 | $13 | $13 | $13 | $13 | $13 | $0 | $76 | $406,845 |
| Equity contributions | $183,535 | $181,268 | $36,400 | $0 | $91,313 | $0 | $0 | $492,516 | $176,924 |
| Net debt | ($182,325) | ($1,993) | $2,668 | $332 | $3,323 | ($198) | $0 | ($178,193) | $191,430 |
| Net change in cash | ($14,977) | $93,411 | ($56,797) | ($53,910) | $58,199 | ($34,646) | ($36,123) | ($8,722) | $18,342 |
† Movements between treasury / financial-holding accounts (GL 1411) — a reclassification of funds, cash-neutral over time, shown separately so capex is not netted against it.
Read-through: 2025 capex of ($345,670) was a one-time buildout; it collapses to ($19,834) in H1-2026, so cash now funds growth, not construction. The operating burn is covered by equity ($492,516 contributed in H1-2026). Monthly operating cash flow is lumpy on working-capital timing but improves with volume.
Note on the positive months (e.g. Jan-25 +$47K, Dec-25 +$31K): these are working-capital timing, not operating profitability — EBITDA was negative throughout. The cash came from drawing down prepaid supplier advances & tax credits (~$50–87K) and stretching accounts payable (~$30K); the swing reverses in other months (e.g. Oct-25 −$134K as those movements unwind). Underlying operating cash generation follows EBITDA, which turns with volume.
Annex A — 2025 income statement, month by month
| Income statement (USD) | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross revenue | $5,317 | $16,169 | $17,805 | $20,094 | $36,518 | $24,076 | $37,910 | $47,761 | $55,411 | $52,086 | $32,800 | $47,590 | $393,537 |
| (–) Discounts | ($1,280) | ($1,801) | ($1,510) | ($1,240) | ($9,262) | ($2,312) | ($5,133) | ($3,504) | ($2,561) | ($1,514) | ($681) | ($1,360) | ($32,159) |
| Net revenue | $4,037 | $14,368 | $16,295 | $18,853 | $27,256 | $21,764 | $32,778 | $44,257 | $52,850 | $50,572 | $32,119 | $46,229 | $361,378 |
| (–) COGS | ($821) | ($2,639) | ($4,448) | ($6,676) | ($10,035) | ($6,875) | ($11,808) | ($15,364) | ($19,731) | ($18,799) | ($12,650) | ($13,671) | ($123,518) |
| (–) Inventory adj. | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $207 | $37 | $0 | $52 | $0 | $297 |
| Gross profit | $3,216 | $11,729 | $11,847 | $12,178 | $17,221 | $14,888 | $20,970 | $29,101 | $33,156 | $31,773 | $19,522 | $32,558 | $238,157 |
| % gross margin | 80% | 82% | 73% | 65% | 63% | 68% | 64% | 66% | 63% | 63% | 61% | 70% | 66% |
| Personnel | ($22,738) | ($39,705) | ($31,417) | ($35,380) | ($32,141) | ($31,862) | ($32,177) | ($41,927) | ($40,104) | ($47,937) | ($44,399) | ($50,518) | ($450,304) |
| Marketing | ($5,688) | ($3,068) | ($6,983) | ($6,968) | ($11,059) | ($5,467) | ($6,220) | ($7,715) | ($9,184) | ($8,551) | ($7,550) | ($11,147) | ($89,600) |
| Rent & facilities | ($5,253) | ($3,299) | ($4,939) | ($4,989) | ($6,326) | ($4,626) | ($4,624) | ($5,508) | ($5,254) | ($6,321) | ($8,434) | ($7,075) | ($66,648) |
| Technology | ($9,480) | ($6,342) | ($2,805) | ($1,221) | ($2,223) | ($2,015) | ($793) | ($1,958) | ($2,613) | $2,277 | ($7,142) | ($2,253) | ($36,568) |
| Prof. services | ($867) | ($1,597) | ($2,914) | ($2,691) | ($2,269) | ($1,613) | ($1,514) | ($2,123) | ($1,732) | ($5,762) | ($3,517) | ($5,721) | ($32,319) |
| Admin & other | ($8,816) | ($2,212) | ($11,629) | ($3,771) | ($4,677) | ($6,017) | ($484) | ($6,099) | ($12,742) | ($5,743) | ($5,847) | ($12,723) | ($80,758) |
| Total OpEx | ($52,842) | ($56,221) | ($60,687) | ($55,019) | ($58,695) | ($51,601) | ($45,811) | ($65,330) | ($71,628) | ($72,037) | ($76,888) | ($89,438) | ($756,197) |
| EBITDA | ($49,627) | ($44,493) | ($48,840) | ($42,842) | ($41,474) | ($36,712) | ($24,841) | ($36,229) | ($38,472) | ($40,264) | ($57,366) | ($56,880) | ($518,040) |
| % EBITDA margin | -1229% | -310% | -300% | -227% | -152% | -169% | -76% | -82% | -73% | -80% | -179% | -123% | -143% |
| (–) D&A | ($2,444) | ($2,609) | ($3,992) | ($4,514) | ($4,688) | ($4,697) | ($4,715) | ($4,843) | ($5,074) | ($5,087) | ($5,350) | ($7,157) | ($55,169) |
| (–) Financing | ($468) | ($518) | ($443) | ($522) | ($316) | ($403) | ($480) | ($434) | ($383) | ($2,061) | ($2,157) | ($2,144) | ($10,329) |
| Net income | ($52,539) | ($47,620) | ($53,274) | ($47,877) | ($46,478) | ($41,813) | ($30,037) | ($41,505) | ($43,929) | ($47,412) | ($64,873) | ($66,180) | ($583,538) |
| % net margin | -1301% | -331% | -327% | -254% | -171% | -192% | -92% | -94% | -83% | -94% | -202% | -143% | -161% |
Annex B — 2025 cash-flow statement, month by month
| Cash flow (USD) | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | ($49,627) | ($44,493) | ($48,840) | ($42,842) | ($41,474) | ($36,712) | ($24,841) | ($36,229) | ($38,472) | ($40,264) | ($57,366) | ($56,880) | ($518,040) |
| (–) Financing costs | ($468) | ($518) | ($443) | ($522) | ($316) | ($403) | ($480) | ($434) | ($383) | ($2,061) | ($2,157) | ($2,144) | ($10,329) |
| (±) Working capital & other | $97,260 | ($48,943) | $43,785 | $9,110 | $1,439 | $20,976 | ($44,785) | $11,536 | $12,658 | ($91,910) | $15,709 | $90,346 | $117,182 |
| Cash flow from operations | $47,165 | ($93,954) | ($5,498) | ($34,254) | ($40,351) | ($16,139) | ($70,107) | ($25,127) | ($26,198) | ($134,234) | ($43,813) | $31,323 | ($411,187) |
| Capex — stores & equipment | ($105,131) | ($2,958) | ($43,947) | ($55,401) | ($9,736) | ($119) | ($9,986) | ($17,017) | ($3,871) | ($11,221) | ($19,585) | ($66,698) | ($345,670) |
| Treasury transfers † | $119 | $406,352 | $119 | $119 | $119 | $119 | $0 | ($152) | $13 | $13 | $13 | $13 | $406,845 |
| Equity contributions | $0 | $0 | $0 | $0 | $0 | $15,000 | $160,074 | $3,750 | ($1,900) | ($1,900) | $0 | $1,900 | $176,924 |
| Net debt | $40,563 | ($43,995) | $2,249 | ($1,926) | ($4,948) | $7,553 | ($8,854) | $1,767 | $7,078 | $166,134 | $20,958 | $4,852 | $191,430 |
| Net change in cash | ($17,285) | $265,444 | ($47,077) | ($91,462) | ($54,916) | $6,413 | $71,127 | ($36,779) | ($24,878) | $18,791 | ($42,428) | ($28,610) | $18,342 |
Annex C — 2025 balance sheet, month by month
Accumulated balance at each month-end · USD · every month balances (Assets = Liabilities + Equity).
| Balance sheet (USD) | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| Cash & equivalents | $20,721 | $286,165 | $239,088 | $147,627 | $92,710 | $99,124 | $170,251 | $133,472 | $108,594 | $127,385 | $84,957 | $56,347 |
| Accounts receivable, net | $364 | $1,041 | $1,136 | $926 | $7,270 | $2,378 | $8,905 | $9,068 | $31,939 | $49,657 | $38,609 | $32,392 |
| Inventories | $50,930 | $54,036 | $55,281 | $52,995 | $58,693 | $57,934 | $60,075 | $61,331 | $61,534 | $59,764 | $61,331 | $66,956 |
| Prepaid & tax credits | $43,586 | $71,125 | $63,911 | $18,488 | $13,422 | $13,059 | $38,681 | $36,642 | $38,579 | $74,284 | $98,863 | $46,375 |
| Financial investments | $406,233 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| PP&E, net | $141,284 | $141,634 | $181,589 | $232,475 | $237,524 | $232,945 | $238,216 | $250,390 | $249,187 | $255,321 | $269,557 | $329,098 |
| Intangibles, net | $1,059 | $940 | $821 | $703 | $584 | $465 | $465 | $617 | $604 | $592 | $579 | $566 |
| Other assets | $42,984 | $43,075 | $43,196 | $47,471 | $46,855 | $46,264 | $45,447 | $49,958 | $52,484 | $52,848 | $53,300 | $14,592 |
| Total assets | $707,161 | $598,016 | $585,023 | $500,684 | $457,057 | $452,169 | $562,040 | $541,478 | $542,922 | $619,851 | $607,195 | $546,326 |
| LIABILITIES | ||||||||||||
| Accounts payable | $82,247 | $17,943 | $55,633 | $22,156 | $27,624 | $35,774 | $24,155 | $33,864 | $71,440 | $26,647 | $48,964 | $80,178 |
| Financial obligations | $50,385 | $6,389 | $8,638 | $6,712 | $1,764 | $9,317 | $462 | $2,229 | $9,308 | $175,441 | $196,399 | $201,252 |
| Taxes payable | $38 | $45 | $45 | $0 | ($105) | ($105) | ($105) | ($105) | ($105) | ($148) | ($166) | $6,587 |
| Customer advances | $0 | $0 | $0 | $0 | $50 | $295 | $1,181 | $4,375 | $6,918 | $6,651 | $7,748 | $13,095 |
| Other liabilities | ($13,632) | $34,406 | $36,020 | $36,279 | $39,937 | $47,184 | $47,877 | $51,671 | $52,952 | $59,197 | $75,212 | $57,865 |
| Total liabilities | $119,038 | $58,784 | $100,337 | $65,147 | $69,270 | $92,465 | $73,571 | $92,035 | $140,513 | $267,788 | $328,158 | $358,977 |
| EQUITY | ||||||||||||
| Paid-in capital | $762,597 | $762,597 | $762,597 | $762,597 | $762,597 | $777,597 | $937,671 | $941,421 | $939,521 | $937,621 | $937,621 | $939,521 |
| Accumulated deficit | ($174,474) | ($223,365) | ($277,911) | ($327,060) | ($374,809) | ($417,894) | ($449,202) | ($491,979) | ($537,112) | ($585,557) | ($658,583) | ($752,172) |
| Other equity | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total equity | $588,123 | $539,232 | $484,686 | $435,537 | $387,788 | $359,703 | $488,469 | $449,442 | $402,409 | $352,064 | $279,038 | $187,349 |
Annex D — 2026 balance sheet, month by month
Accumulated balance at each month-end (Jan–Jun 2026) · USD · every month balances to zero.
| Balance sheet (USD) | Jan | Feb | Mar | Apr | May | Jun |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash & equivalents | $41,370 | $134,780 | $77,983 | $24,073 | $82,272 | $47,625 |
| Accounts receivable, net | $23,997 | $22,305 | $21,711 | $24,177 | $10,915 | $9,721 |
| Inventories | $64,480 | $60,770 | $65,871 | $64,027 | $93,464 | $87,010 |
| Prepaid & tax credits | $51,852 | $51,315 | $52,044 | $48,350 | $5,264 | $5,460 |
| Financial investments | $0 | $0 | $0 | $0 | $0 | $0 |
| PP&E, net | $322,140 | $313,319 | $304,344 | $295,635 | $302,845 | $293,767 |
| Intangibles, net | $553 | $541 | $528 | $515 | $502 | $490 |
| Other assets | $10,081 | $7,633 | $13,821 | $14,762 | $17,475 | $15,386 |
| Total assets | $514,474 | $590,663 | $536,301 | $471,539 | $512,737 | $459,460 |
| LIABILITIES | ||||||
| Accounts payable | $101,968 | $50,339 | $52,266 | $36,920 | $32,412 | $36,721 |
| Financial obligations | $18,927 | $16,934 | $19,602 | $19,934 | $23,257 | $23,059 |
| Taxes payable | $6,587 | $6,627 | $2,953 | $2,953 | ($904) | ($923) |
| Customer advances | $9,058 | $6,497 | $4,931 | $7,105 | $6,276 | $2,041 |
| Other liabilities | $62,135 | $68,284 | $80,906 | $76,527 | $83,997 | $87,498 |
| Total liabilities | $198,676 | $148,682 | $160,658 | $143,439 | $145,039 | $148,396 |
| EQUITY | ||||||
| Paid-in capital | $1,123,056 | $1,304,324 | $1,340,724 | $1,340,724 | $1,432,037 | $1,432,037 |
| Accumulated deficit | ($807,258) | ($862,343) | ($965,081) | ($1,012,625) | ($1,064,339) | ($1,120,973) |
| Other equity | $0 | $0 | $0 | $0 | $0 | $0 |
| Total equity | $315,798 | $441,981 | $375,643 | $328,099 | $367,698 | $311,064 |