More financings likely to come:
From page 14 of the 10Q:
At June 30, 2003, we had cash and cash equivalents of $674,213. Other than cash
and cash equivalents and accounts receivable, we have no material unused sources
of liquidity at this time. We have no material commitments for capital
expenditures or resources. Based on our cash position assuming (a) continuation
of existing OEM arrangements, and (b) currently planned expenditures and level
of operation, we believe we will require approximately $800,000 of additional
funds for the next twelve months of operations plus amounts required to make
payments on the 15% Unsecured Note. However, actual results could differ
significantly from management plans. We believe we may be able to obtain
additional funds from future product margins from branded and OEM product sales
but actual future margins to be realized, if any, and the timing of shipments
and the amount and quantities of shipments, orders and reorders are subject to
many factors and risks, many outside our control. We have a forebearance
agreement on the $750,000 principal and accrued interest on the 15% Unsecured
Note and the timing and schedule of amounts due thereafter are not currently
known. Accordingly we may need to seek equity or debt financing in the next
twelve months for working capital if product margins are insufficient and we may
need to seek equity or debt financing for payments of the 15% Unsecured Note (or
renegotiate terms thereon) and other obligations reflected on our balance sheet.
There can be no guarantee that we will be able to raise additional equity or
debt financing, if required, and/or renegotiate the terms of debts as they
arise. We may also require additional capital to finance future developments and
improvements to our technologies or develop new technologies.
Should additional funds not be available, we may be required to curtail or scale
back staffing or operations. Failure to obtain additional financings will have a
material adverse affect on our company. Potential sources of such funds include
exercise of outstanding warrants and options, or debt financing or additional
equity offerings. However, there is no guarantee that warrants and options will
be exercised or that debt or equity financing will be available when needed. Any
future financing may be dilutive to existing stockholders.
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