Whoops! -- it's all over. Take a look at the (awful) annual report just out.
Here's a highlight (pasted below), a harbinger for tomorrow morning's big downside. Mainly, it points out that this ain't no real company that makes money; it only spends it (and takes yours).
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GOING CONCERN
Veridium incurred a loss of approximately $5.7 million during the year ended December 31, 2005. Also as of December 31, 2005, Veridium had current liabilities exceeding its current assets by $ 5.1 million. These matters caused the Company's auditors to add an explanatory paragraph in their auditors report which raises substantial doubt about Veridium's ability to continue as a going concern.
Management's plans include raising additional proceeds from debt and equity transactions to fund operations and to increase revenue and cut expenses to reduce the loss from operations. The closure of the recycling facility in Paterson, New Jersey should help achieve these objectives. However, there can be no assurances that Veridium will be successful in this regard or will be able to eliminate both its working capital deficit and its operating losses. The accompanying financial statements do not contain any adjustments which may be required as a result of this uncertainty.
