Sunday, April 13, 2014 6:55:30 PM
I am not going to argue with you. Why would she say they aren't self sufficient read the latest report to the SEC. I wish you the best on this investment. If you read the last SEC filing you will see they are totally on life support. Read the report again!!! YEP THE are financially sound like a rock!
THEY ARE DESPERATE!!!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9806544
Shareholders sold out for $5,000,000 dollars?
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9860163
Page 7
Our net loss for the year ended December 31, 2013 and 2012 was $214.1 million and $19.4 million, respectively, including $215.8 million and $21.7 million, respectively, of net losses related to our financing instruments. Our operating income was $1.0 million for 2013 as compared to an operating loss in 2012 of $5.5 million. Net cash used by operations during 2013 and 2012 was $0.4 million and $1.5 million, respectively. As of December 31, 2013, we have an accumulated deficit of $479.5 million. We also have a working capital deficit of $283.9 million, including $281.7 million in current liabilities for our derivative and debenture financing instruments.
We currently do not have sufficient cash or commitments for financing to sustain our operations for the next 12 months if we are unable to generate sufficient cash flows from operations.
More GOOD NEWS!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9860163
Page 8
Existing shareholders will experience significant dilution when certain investors, such as YA Global, convert their preferred stock to common stock, convert convertible debentures to common stock, or when the investors exercise their warrants for common stock.
Last of GOOD NEWS!!!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9860163
Page 10
In addition, our Certificate of Incorporation authorizes our Board to designate and issue preferred stock, in one or more series, the terms of which may be determined at the time of issuance by our Board, without further action by shareholders, and may include voting rights, including the right to vote as a series on particular matters, preferences as to dividends and liquidation, conversion, redemption rights, and sinking fund provisions.
Preferred stock may have a negative impact on other stockholders or the pursuit of certain corporate actions.
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