From what i see from the annual report they do not have the ~55 million to construct the first 4 facilities. A press release from Nov. 12 2013 says they secured it(Quote below), but the annual report says that the don't have any financing agreements in place.
Can someone explain this? Having already SECURED the financing would they not HAVE to divulge this information in the annual report and if so why?
Unveils 2014 Operational Strategy and Revenue Targets
After spending most of 2013 securing the estimated $55 million needed to construct the facilities, the combined projected revenues of the first 4 facilities are estimated to be $15 million in Q3/Q4 of 2014, expanding to $60 million in 2015.
The following is from the 2013 Annual Report
Currently, we do not have any financing arrangements in place. We may need to raise
additional funds through the issuance of equity and/or debt through private placements or public
offerings to provide financing to meet the needs of our long-term strategic plan. If we raise
additional financing through the issuance of equity, equity-related or debt securities, those
securities may have rights, preferences or privileges senior to those of the rights of our common
stock and our stockholders may experience dilution of their ownership interests. Similarly, the
incurrence of additional debt could increase our interest expense and other debt service
obligations and could result in the imposition of covenants that restrict our operational and
financial flexibility. If financing is not available or obtainable within the next three months, our
ability to meet our financial obligations and pursue our plan of operation will be substantially
limited and investors may lose a substantial portion or all of their investment.
