Almost there !
Godfrey has received final approval from NAVAIR on March 5, 2013 and expects to commence manufacturing operations in the third quarter of 2013. Subject to our receipt of at least an additional $300,000 of capital, we expect to commence marketing and distribution of sale of Godfrey’s initial product line of spherical bearings in the fourth quarter of 2013.
Liquidity and Capital Resources
As of April 30, 2013, we had total assets of $41,440 and a working capital deficit of $356,036. Since April 30, 2013, our working capital has decreased as a result of continuing losses from operations. We estimate that we require approximately $2 million of additional working capital over the next 12 months in order to fund our expected marketing and distribution of the initial line of aircraft component products to be manufactured by Godfrey and to fund our expected operating losses as we endeavor to build revenue and achieve a profitable level of operations. However, there are no commitments or understandings at this time with any third parties for their provision of capital to us.
