CarbonMeta Technologies Inc (COWI)

[swingingRichard]

Let's see . . . "cease operations". The website just has a main page telling viewers about the shutdown. The "About" and "Services" links do not work.

close down
fail
become insolvent
close up
close up shop
go bankrupt
go broke
go bust
go into receivership
go under
fold

OUT OF BUSINESS.

 
 cease operations,  
 wind down the operations 
 insufficient cash reserves 
 accumulated tax and debt liabilities 
 Notice of Default 
 ability to satisfy all short term and long term financial obligations 
 

The Board of Directors of CoroWare, Inc., at a meeting held on October 28, 2016, has determined that CoroWare, Inc. and all of its subsidiaries (“CoroWare) shall cease operations on or about November 1, 2016 as a consequence of CoroWare’s insufficient cash reserves, accumulated tax and debt liabilities, and certain recent events resulting from the Notice of Default from YA Global Investments, LP (“YA Global”) received on October 22, 2016. CoroWare filed a Form 8-K/A on October 27, 2016 describing the Notice of Default dated October 22, 2016 on a Debenture in favor of YA Global and pursuant to which YA Global has accelerated the amount to be immediately due and owing under the Debenture to be a total of $2,885,607.98 ($2,769,990.00 principal and $115,617.98 interest (as of Oct. 18, 2016)).

Moreover, YA Global Investments has asserted its security interest in all CoroWare assets, including accounts receivable payments from CoroWare’s customers; and has elected to receive all outstanding accounts payable payments due and owing to CoroWare directly from those customers. This action impacted CoroWare’s ability to satisfy all short term and long term financial obligations.

As a result, the Board of Directors intends to wind down the operations of CoroWare, Inc. and all of its subsidiaries in an orderly fashion. At the time of this filing, CoroWare is unable in good faith to determine an estimate of the total costs (or range of costs) to be incurred that will be associated with this course of action.