Saturday, May 16, 2015 11:54:54 AM
At September 30, 2014, the Company had working capital of $3,805,867 (including Assets Held for Sale of $14,951,977) and outstanding debt of $9,200,000 (consisting of a line of credit). The company would have a working capital deficit of $9,569,588 (excluding Assets Held for Sale, Net of ARO Liabilities associated with the Assets Held for Sell). The Company was not in compliance with the covenants of its line of credit with Independent Bank and had no availability under this line of credit. The Company currently does not have sufficient funds to repay these obligations. The Company is exploring available financing options, including the sale of debt, equity, or assets. If the Company is unable to finance its operations on acceptable terms or at all, its business, financial condition and results of operations may be materially and adversely affected. As a result of these conditions, there is substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.
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