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RDYF...35-40 million contracts...Low floater
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[QUOTE]Originally posted by Time2drum: [QB] Initially looked good to me, but now not so sure. Below is from their 10 - Q in March. Also noticed they're playing musical chairs with the Officers. Be Careful. I'm going to sit on the sidelines for awhile and see where this is headed? GLTA :) Liquidity During the six months ended January 31, 2006, net cash decreased by approximately $27,000. Cash inflows of approximately $181,000 were from financing activities; proceeds from the sale of common stock and the issuance of notes payable. Cash outflows during this period was principally the result of cash used by continuing operations to fund the operating losses of approximately $260,000 (net of depreciation and issuance of common stock for services), and $53,000 of accounts payable increases. Cash outflows from investing activities consisted of approximately $1,900 used to purchase property and equipment. During the six months ended January 31, 2005, net cash increased by approximately $2,000. Cash inflows of approximately $15,000 were from proceeds from the sale of common stock. Cash outflows during this period were principally the result of cash used by continuing operations to fund the operating losses of approximately $13,000 (net of depreciation and issuance of common stock for services). We have limited or no prior history as a BDC. Further, we will require substantial additional funding for continuing BDC administration, compliance requirements and the implementation of the business plan as a BDC. There can be no assurance that the Company will be able to obtain sufficient additional funds when needed, or that such funds, if available, will be obtainable on terms satisfactory to the Company. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result the Company be unable to continue as a going concern. The Company intends to invest in companies that focus on providing marketing and promotional services. We will seek to leverage the combined talents of our experienced management team to invest in those companies and to enhance shareholder value. A business development company is defined and regulated by the Investment Company Act of 1940 ("1940 Act"). A business development company must be organized in the United States for the purpose of investing in or lending to primarily private companies and making managerial assistance available to them. A business development company may use capital provided by public shareholders and from other sources to invest in long-term, private investments in businesses. A business development company provides shareholders the ability to retain the liquidity of a publicly traded stock, while sharing in the possible benefits, if any, of investing in primarily privately owned companies. The Company is authorized to issue up to $5,000,000 in value of securities without registration of said securities under the Securities Act of 1933; in reliance on the exemption provided by Rule 602(a) of Regulation E under the 33 Act. Through January 31, 2006, the Company has raised approximately $602,000 proceeds against this limit. Failure to secure additional financing or to raise additional equity capital may result in the Company depleting its available funds and not be able to pay its obligations. These circumstances, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. We currently anticipate that our cash requirements will be approximately $300,000 for the remainder of this fiscal year. There are no capital expenditures planned for the remainder of this fiscal year. [/QB][/QUOTE]
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