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SOLOMON TECHNOLOGIES Message Board

  • bell345 bell345 Oct 24, 2008 5:21 PM Flag

    On Going Concern...Bankrupcy Or RS Coming

    Actually they are a "on going concern", which means they are close to bankruptcy because: Total current liabilities 14,370,224
    Total assets 9,712,626.

    The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant operating losses and has not generated cash from its operating activities for several years. For the six-months ended June 30, 2008, the Company had a net loss of $3,335,757 and used cash of $197,786 in operating activities. As of June 30, 2008, the Company has a working capital deficiency of $9,548,897. In addition, the Company is delinquent for the payment of payroll taxes (Note 9), a note payable of $125,000 to a related party (Note 7) ), a monthly redemption payment to a holder of its Variable Rate Self-Liquidating Senior Secured Convertible Debentures (Note 13) and compensation to certain employees. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

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