But lets stay with the filings for a brief moment.
I know most of you cannot be bothered with facts, but the quarterly report states that without taking in additional 1,6 million USD the cash at hand would be less than 500,000 USD at the start of this quarter.
Now taking in consideration that the company has a burn rate of approx. 2 million dollar per quarter, and that amounts owed to the former officers under the severance agreements total approximately $381,000, as well as paying Mr. Crook Hansen the remaining balance of outstanding advances total of approximately $0.4 million on January 8, 2016; it is safe to say that cash is not only strained, its practically nonexistant
All in all you see a ship heading full speed ahead toward the nearest iceberg. Which is probably why two of the newly appointed hotshots also leave
On January 25, 2016, Jeff Schuett, Executive Vice President of Operations and Technology Solutions, ceased employment with the Company. The Company entered into a severance agreement with Mr. Schuett which provides him four months of regular pay.
On February 1, 2016, Tom Vogl, Chief Marketing Officer, ceased employment with the Company. The Company entered into a severance agreement with Mr. Vogl, which provides him four months of regular pay.
oh, and here is another smashing paragraph.
We have incurred losses since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next twelve (12) months without deferring payment on certain current liabilities and raising additional funds. For the fiscal year ended September 3, 2015 we incurred a loss from continuing operations of $12.2 million and had negative cash flows from continuing operations of $5.2 million. We had an accumulated deficit for the period from our inception through September 30, 2015 of approximately $49.3 million. As a result, we had a working capital deficit of approximately $10.7 million as of September 30, 2015. These factors raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.
So, advice is to get the fuck out while you can, or at least stop promoting this worthless bunch of crooks led by the infamous barkeeper Michael Hansen
