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F.N.B. Corporation Message Board

f_eight 1 post  |  Last Activity: Aug 7, 2014 1:44 PM Member since: Sep 8, 1998
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  • f_eight f_eight Aug 7, 2014 1:44 PM Flag

    From latest company SEC report "We have a history of operating losses as we have focused our efforts on raising capital and building our physician practice administration business and launching our medical device business. The report of our independent auditors issued on our consolidated financial statements as of and for the year ending December 31, 2013 expresses substantial doubt about our ability to continue as a going concern. In 2012, we were successful in raising net proceeds of $693,500 through private placements and $1,270,000 through debt financing in order to fund the development and growth of our operations. During 2013, we were successful in raising net proceeds of $1,950,000 through private placements and $1,805,200 through debt financing in order to fund the development and growth of our operations. During 2014 we were successful in raising net proceeds of $1,675,000 through private placements and $353,000 through debt financing in order to fund the development and growth of our operations as well as the extinguishing of certain existing demand, promissory and original issue discount notes as they became due. Our ability to continue as a going concern is dependent on our obtaining additional adequate capital to fund additional operating losses until we become profitable. If we are unable to obtain adequate capital, we could be forced to cease operations. "

    2M$ in revenue and 16M$ in expenses. Financed through issuing stock and borrowing money. When your auditors require you to insert a "going concern" statement, things are really bad.

FNB
11.93-0.06(-0.50%)Oct 1 4:05 PMEDT

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