The Company reported its Fiscal 2013 revenues were $820,000 compared with $812,000 for the fiscal year ended July 31, 2012 (“Fiscal 2012”). The Fiscal 2013 net loss was $7.7 million compared with $8.9 million for Fiscal 2012, a decrease of $1.2 million or 13.5%. The Company also reported that as of July 31, 2013, its net financial position consisted of $32,000 in cash and total current liabilities of $2.2 million, excluding $900,000 of non-current liabilities.
Strengthening Balance Sheet
The Company also reported that on August 13, 2013 it raised $1.1 million in aggregate proceeds and on October 14, 2013 it raised an additional $1.76 million in aggregate proceeds through private equity placements to fund the change in its business strategy and near-term operations. The Company does not, however, have sufficient capital to fund its operations over the next twelve months unless it receives additional capital through revenues or through private or public offerings of securities.