Seven Arts Entertainment Inc (SAPX)

[21ZNA9]

20 MILLION deficit in this SHIT.

The accompanying consolidated financial statements are prepared under a going concern basis in accordance with US generally accepted accounting principles (“GAAP”) which contemplates the realization of assets and discharge of liabilities and commitments in the normal course of business. For the year ended June 30, 2013, the Company recorded a loss from operations of approximately $18,190,000, and utilized cash in operations of $548,000. As of June 30, 2013, the Company had a working capital deficit of approximately $19,844,000. For the nine months ended March 31, 2014 the Company recorded a loss from operations of approximately $7,662,000, utilized cash in operations of approximately $3,945,000 and had a working capital deficit of approximately $23,450,000.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10204072