I own IOC and am very interested in its health. So, rather that vent about the posts here or elsewhere, I went to the latest financial report
The statement of Cash Flows is clear:
Cash Used in Operating Activities ..........$29,582,857
Net Cash Used in Investing Activities......$14,963,739
Total Cash Used (burned)in Quarter......$44,546,596
So, they are correct: IOC BURNED $45 million in the quarter! BIG HEADLINE! SELL! SELL!
Now lets look at where the spending occurred.
They spent $$44,694,188 paying down accounts payable and accrued liabilities vs adding $79,399,551 in the comparable quarter of '09. They paid down debt.
Then, HORRORS! they borrowed $32,468,143 from working facility.
Way I see it, they rolled debt over and paid down some. Not a crime in my books.
I think I will hold.
I am famous for making mistakes (getting quite good at it actually) so do your own DD. All the data is available via the link above.