I've spent much of this year analyzing the financials of Vonage and other companies. I just finished looking at VZ.
(http://radinfo.blogspot.com/2007/03/vz-spending-billions.html)
The numbers make no sense. But then under GAAP accounting its all about putting your numbers in the proper silo and never changing.

Where does the money come from?
Some of it is debt.
Some of it is hardware financing.
Some of it is IPO money.
Some of it is a credit line.
Some from investors.
A little from revenue.

George Rogato wrote:

I think it's the money raised from the sale of stock.
Because if the 180 doesn't leave any profit, what about all the radio and tv advertizing they do?

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