FBNI in trouble, this was cut from the 10QSB
Currently, the Company does not have sufficient revenues to generate operating or net income from operations; therefore, it is necessary for the Company to increase revenues either by expansion or by acquisition or significantly reduce its operating costs. The Company has been able to issue stock for management and accounting and administrative services, thereby reducing the need for cash to pay for operating expenses. The value of services paid by issuance of stock was approximately $710,000 for the three months ended March 31, 2001. Net cash provided by operations was approximately $74,000 for the three months ended March 31, 2001. The Company may not have sufficient cash for use in operations through December 31, 2001. If the Company is unable to obtain sufficient funds to satisfy its cash requirements, it may be forced to curtail operations, dispose of assets or seek extended payment terms from its vendors.
(c) 1995-2001 Cybernet Data Systems, Inc. All Rights Reserved
Received by Edgar Online May 21, 2001
CIK Code: 0000803170
Accession Number: 0000803170-01-500012
