Followers | 15 |
Posts | 2144 |
Boards Moderated | 0 |
Alias Born | 05/31/2017 |
![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Thursday, December 21, 2017 2:54:54 PM
in the last quarterly i didn't seen any developmental expense recorded. For a development company it's weird to not to see any development expenses. They are crowd funding their product but nobody can find it. Very interesting. We'll have to see.
Note 3 - Liquidity and Going Concern
The Company sustained net losses of $7,516,294 during the nine months ended September 30, 2017, and our operating activities used cash of $215,405. The
Company had a working capital deficit of $3,155,017, and accumulated deficit of $11,610,666 at September 30, 2017. This raises substantial doubt about its ability
to continue as a going concern. The Company is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans
from third parties to sustain its current level of operations. No assurance can be given that the Company will be successful in these efforts. Pursuant to the Joint
Venture Agreement, Guardian LLC has committed to provide the Company with all its working capital needs. In lieu of entering series of short terms notes with
third parties, the LLC took upon itself a lock-up and leakage agreement, described below. Certain third parties defaulted on their commitment to the Company for
funding. The Company entered a negotiation with Guardian LLC to replace these defaulted investors. There is no guarantee that the LLC will agree to continue to
provide funding, which raises substantial doubt about the Company’s ability to continue as a going concern.
9
We plan to raise working capital that will allow us to conduct our business for the next 12 months. There is no guarantee regarding our ability to raise that capital.
We expect to use the proceeds to fund our short-term capital requirements including paying administrative expenses associated with maintaining our public
company’s filings for the next 12 months. In order to implement our business plan and pay various administrative expenses on a minimal basis for the next 12
months, we expect that we will need approximately $1,200,000, based on our expectation of monthly expenses of approximately $100,000. The Company expects
that its operating results will fluctuate significantly from quarter to quarter in the future, and will depend on a number of factors including the state of the
worldwide economy and financial markets, which are outside the Company’s control. Guardian Patch, LLC, the Company’s JV partner, has committed in the past
to support the Company’s working capital needs, by providing the Company with short terms loans. The Company may also pursue capital through the issuance of
high-yield debt that will likely be convertible into equity, at either a fixed or a variable conversion rate. Our financing plans and the exact type of debt that we seek
will largely be contingent on our pre-sales campaign for the Sphere.
Recent GTCH News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/20/2024 08:06:02 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/14/2024 08:10:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/19/2023 09:32:06 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:16:00 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:07:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/07/2023 09:07:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/06/2023 09:06:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/17/2023 08:06:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2023 10:04:19 AM
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 08/23/2023 10:01:08 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/21/2023 12:00:57 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/17/2023 10:15:52 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/16/2023 11:19:14 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/15/2023 08:05:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/11/2023 08:05:52 PM
- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 07/28/2023 08:05:37 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/21/2023 08:05:43 PM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM