Excerpt: Form 10-Q for MIMVI, INC. Nov 20,2012 Part 2
Mimvi has initiated several development, marketing and engineering efforts with Microsoft Corp. that we expect will combine Mimvi's proprietary search and discovery technology with Microsoft's Azure Cloud platform, Windows 8 and Windows Phone 8 product lines - including Microsoft Surface tablets and other devices.
The first of these initiatives is the development of "Mimvi Mobile App Search" for Windows Phone 8, a mobile app that enables Microsoft consumers to search, discover and receive recommendations for mobile apps, mobile content, and mobile products. In addition, Microsoft and Mimvi are jointly promoting the Microsoft Azure Cloud Platform in hosting and delivery services for mobile apps. Below are screenshots of Mimvi Mobile App Search which the Company expects to release in late November.
Mimvi is also working with other groups within Microsoft to develop search, discovery, recommendation and social media technologies for applications on a wider range of Microsoft products and platforms. This collaboration we believe will help other developers migrate their solutions to the Microsoft Phone 8 and Windows Azure platforms opening up their applications to run on over 400 million Microsoft desktops and tablets worldwide.
I believe it is important to stay grounded by understanding the inherent risks involved without engaging in one sided blind hyping/pumping.
Actual excerpt from MIMV 10Q Nov 20,2012:
We currently have limited funds to pay our current liabilities. Should one or more of our creditors seek or demand payment, we are not likely to have the resources to pay or satisfy any such claims. Thus, we face risk of defaulting on our obligations to our creditors with consequential legal and other costs adversely impacting our ability to continue our existence as a corporate enterprise.
In April 2012, the Company received the final determination that on November 18, 2011 a money award in the amount of $21,532 (including interest and costs) was issued against the Company by the Labor Commissioner of California. This has been recorded as accounts payable as of September 30, 2012.
Our insolvent financial condition also may create a risk that we may be forced to file for protection under applicable bankruptcy laws or state insolvency statutes. We also may face the risk that a receiver may be appointed. We face that risk and other risks resulting from our current financial condition.
During the nine months ended September 30, 2012, we raised $940,000 in equity financing and $100,000 in debt financing (net of repayments); however, this does not alleviate our current financial position, nor does it enable us to sustain our current operations.
For these and other reasons, we anticipate that unless we can obtain sufficient capital from an outside source and do so in the very near future, we may be unable to continue to operate as a corporation, continue to meet our filing obligations under the Securities Exchange Act of 1934, or otherwise satisfy our obligations to our stock transfer agent, our accountants, our legal counsel, our EDGAR filing agent, and many others.
For these and other reasons, our management recognizes the adverse difficulties and continuing severe challenges we face.
Apart from the limited funds that we have received there can be no assurance that we will receive any financing or funding from any source or if any financing should be obtained, that existing shareholders will not incur substantial, immediate, and permanent dilution of their existing investment.