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Re: Tane61 post# 45430

Wednesday, 08/09/2017 11:44:28 PM

Wednesday, August 09, 2017 11:44:28 PM

Post# of 52074
MZEI UNABLE TO MAKE ANY HOSPITAL SALES IN FIRST 5 YEARS

TO DATE, NOT ONE (1) SALE TO A HOSPITAL NOR ONE (1) HOSPITAL SERVICE CONTRACT HAS BEEN REPORTED, WORLDWIDE (The manufacture of the first production machine was announced back in April 2012)

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NOTE 4 GOING CONCERN

The Company’s condensed consolidated financial statements are prepared assuming the Company is a going concern and contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred significant recurring losses from its inception through June 30, 2017, which have resulted in an accumulated deficit of $39,324,055 as of June 30, 2017. The Company has minimal cash, has a working capital deficit of $4,341,831, and a total stockholders’ deficit of $4,282,149 as of June 30, 2017. The Company has relied almost exclusively on debt and equity financing to sustain its operations. Accordingly, there is a substantial doubt about the Company’s ability to continue as a going concern.

Continuation of the Company as a going concern is dependent upon obtaining additional capital and ultimately, upon the Company’s attaining profitable operations. The Company will require substantial additional funds to continue to develop its products, manufacture products, and fund additional losses, until revenues are sufficient to cover the Company’s operating expenses. If the Company is unsuccessful in obtaining the necessary additional funding, it will most likely be forced to substantially reduce or cease its operations.

The Company believes that it will need approximately $1,500,000 during the next 12 months for continued product manufacturing, research, development and marketing activities, as well as for limited general corporate purposes.

During the six months ended June 30, 2017, the Company raised cash proceeds totaling $300,000 through the sale of 5,000,000 shares of common stock at a price of $0.06 per share in a private offering to accredited investors, which included the Company’s Chairman and Interim CEO and an independent director.

The ability of the Company to continue as a going concern is dependent on successfully accomplishing the plan described in the preceding paragraphs and eventually attaining profitable operations. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.


https://www.sec.gov/Archives/edgar/data/753772/000118518517001679/medizoneintl10q063017.htm


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