AGRT NEW MANAGEMENT 8K FILING
Our plan of operations over the next 12 months is to (i) expand our stocking dealer network throughout the Unites States and Canada, (ii) monitor the quality of our products and accessories, (iii) further develop our website and online sales volume, and (iv) increase our exposure to participants in the construction, building, maintenance and demolition industries. We expect we will require approximately $3.5 million to pursue our plan of operations over this period.
We intend to raise the additional funds we require from the sale of our equity securities or loans from related parties. There can be no assurance that we will be able to secure the necessary financing from the sale of our securities or loans from related parties. If we are unable to raise sufficient funds to finance our operations our business may fail. In addition, if we are unable to raise the funds required to expand our operations, we may be forced to proceed with a scaled back business plan based on our available financial resources. An investment in our securities involves significant risk and you could lose your entire investment.
During the year ended June 30, 2011, the company issued non-convertible promissory notes in the amount of $325,000. There were three notes and they were denominated in the amounts of $25,000, $100,000, and $200,000. The note with a face value of $25,000 is due on August 13, 2011 and accrues interest of 12%. The notes with face values of $100,000 and $200,000 are due on December 14, 2011 and accrue interest of 12%. The note issued for $200,000 was issued as a payment of a finder's fee to a third party for an oil and gas acquisition that is pending and not yet completed as of September 30, 2011.
The Company has a revolving bank credit line with a limit of $24,300 which bears interest at 9.75% per annum and is secured by a personal guarantee of the Vice-President of the Company. The balance in this account at September 30, 2011 was $23,541 (June 30, 2011 - $23,126).
As of September 30, 2011, we had $4,665 in cash, $267,431 in total assets, $878,151 in total liabilities and a working capital deficit of $616,685. As of September 30, 2011, we had an accumulated deficit of $1,853,288.
Source can be found here: http://biz.yahoo.com/e/120131/agrt.pk10-q.html 65,183,661 OS a/o May 22, 2012