From the last PR the company was ''hoping'' to be able to reach ONE contract in 2017 and will have to sell assets or make more dilution to get through march and bewond.
The company has been on life support for the last 4 months as they are no more able to secure substantial loan and have to live from quirkiest 60 000$ loan to get from month to month just to survive.
People here really do have balls to buy at this price as the company is closer to bankruptcy than signing a contract. Wish the best to all, but price would have to drop significantly for me to get in risk wise.
''The Company’s activities will necessitate significant uses of working capital during and beyond fiscal 2017. Additionally, the Company’s capital requirements will depend on many factors, including the success of its continued research and development efforts and the status of competitive products. The Company plans to continue financing its operations with cash received from financing activities. The Company engaged U.S. Capital Partners and Avalon Securities for a proposed issuance of up to $5.0 million of 8% Series A convertible preferred stock. The Company completed the due diligence phase and both firms presented the offering to potential accredited investors. At this time, potential accredited investors have indicated that they will await the issuance of a purchase order for the Company’s nano iron from an ammonia plant before considering investing in the Company’s 8% Series A convertible preferred stock. On February 2, 2017, the Company issued a convertible note for $68,000 (see Subsequent Events). The Company currently has sufficient cash for operations through February 2017. The Company will pursue the issuance of notes payable to provide cash for operations through either March 2017 or April 2017. Such cash will allow the Company to continue to pursue additional equity financing based on the receipt of a purchase order from an ammonia plant and/or additional debt financing alternatives. In addition, although a formal plan has not been adopted to do so, the Company is exploring possible opportunities to sell its assets pursuant to an asset purchase agreement. In this regard, the Company has had preliminary discussions with multiple parties that have expressed an interest in acquiring the Company’s assets. There can be no assurances that a purchase order will be received or that such additional financing will be obtained or that assets will be sold and the financial statements do not include any adjustments to reflect the outcome of this uncertainty. Should the Company not be able to obtain a purchase order, not be able to obtain additional equity or debt financing, or not be able to sell assets, then the Company w ould have no alternative but to file bankruptcy.''
