Thursday, September 14, 2017 2:39:16 PM
As of July 1, 2017, the number of outstanding shares totaled 46,781,423.
On July 27, 2017, the Company converted the total outstanding Series B Preferred shares of 6,558,345 into Common shares totaling
41,842,241 under the terms of the Certificate of Designation of the Series B Convertible Preferred Stock.
The Commmon Shares are realistically pushing up towards the 200 million range already. That is pretty alarming, especially if they are in dyer need of financing to keep the business going!
More dilution coming folks!
Our independent registered public accountants, in their audit report accompanying our consolidated financial statements for the
year ended December 31, 2016, expressed substantial doubt about our ability to continue as a going concern due to our organization has insufficient revenues to fund development and operating expenses.
We had net cash of $5,323 at June 30, 2017.
We had negative working capital of $2,053,412 at June 30, 2017.
During the six months ended June 30, 2017, we used $457,459 of cash for operating activities, an increase of $308,628 or 207%
compared to the six months ended June 30, 2016. The increase in the use of cash for operating activities was a result of an increase in the net loss of $823,403 partially offset by the increase in accounts payable and accrued liabilities of $329,627, a decrease in prepaid expenses of $51,523, and an increase in amortization expense of $80,426.
During the six months ended June 30, 2017, we gained $232 of cash from investing activities, an increase of $15,232. The increase
was a net result of proceeds from sale of equipment of $2,500 and offset by the purchase of equipment of $2,268 in the six months ended
June 30, 2017 and $20,000 of intangible assets purchased and the collection of $5,000 from a related party in the six months ended June 30, 2016.
We expect to fund the ongoing operations through the existing financing in place and through raising additional funds as permitted by the terms of Golden State financing.
Our ability to fund the operations of the Company is highly dependent on the underlying stock price of the Company.
There is no assurance that we’ll be successful in raising additional funds on reasonable terms or that the funding will be sufficient to enable us to fully complete our development activities or attain profitable operations. If we are unable to obtain such additional financing on a timely basis or, notwithstanding any request we may make, our debt holders do not agree to convert their notes into equity or extend the maturity dates of their notes, we may have to curtail development, marketing and promotional activities, which would have a material
adverse effect on our business, financial condition and results of operations, and ultimately, we could be forced to discontinue our operations and liquidate.
Recent CRTG News
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 02:51:56 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/08/2023 06:06:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/31/2023 10:43:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/31/2023 10:41:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/31/2023 10:40:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/31/2023 10:38:33 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 10/31/2023 08:36:42 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/11/2023 12:24:21 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM