Poke - In all due respect they are in default and a going concern...ALL of the money raised will go to paying off overdue items...Joey still needs to get paid as well.
Where do you see the $550k net being used free and clear ? I sure don't see it. I see complaints and legal fees coming. My first question to Gay would be why are you robbing Giggles 5k/mo for "services"? My next question is IF you are serious, why aren't you a full-time CEO ? Cash burn is 27k/mo. With these great margins, why are we in this mess ?
"page 15...
Going Concern and Liquidity
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the year ended December 31, 2017, the Company incurred a net loss of $1,622,410 used cash in operations of $173,848 and had a stockholders’ deficit of $1,917,577 as of that date. In addition, the Company is in default of a note payable to one of its landlords. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern."
