Wed, Jul 23, 2014, 3:14 AM EDT - U.S. Markets open in 6 hrs 16 mins


% | $
Click the to save as a favorite.


  • 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.

    SortNewest  |  Oldest  |  Most Replied Expand all replies

Trending Tickers

Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.