Monday, September 09, 2019 11:58:49 AM
Financial Condition, Liquidity and Capital Resources
As of June 30, 2019, the Company had a working capital deficit of $1,552,437, consisting of $-11,345 in cash, $243,857 in accounts receivable, $371,220 in inventory, $124,000 in other assets and $1,500 in deposits, offset by accounts payable $802,181, accrued expenses of $302,879, $88,896 in equipment and $1,087,703 in the current portion of notes payable.
For the six months period ended June 30, 2019, the Company used $392,899 of cash in operating activities, used cash of $127,816 for investing activities and obtained $358,312 cash from financing activities, resulting in a decrease in total cash of $162,403 and a deficit balance of $11,345 for the period. For the six months period ended June 30, 2018, the Company used cash of $782,622 in operating activities, used cash of $1,103,439 for investing activities and obtained cash of $2,032,574 from financing activities, resulting in an increase in cash of $146,514 and a cash balance of $146,583 at the end of such period.
Total current assets as of June 30, 2019 were $729,222, while current liabilities for the six months period ended June 30, 2019 were $2,281,659. The Company has incurred an operating loss of $540,962 for the six months period ended June 30, 2019, largely due the increase in operating expenses and increase in interest expense and professional fees. During the six months period ended June 30, 2019, the Company had an accumulated deficit of $8,036,161. These factors raise substantial doubt about our ability to continue as a going concern.
Recent PACV News
- Form 8-K - Current report • Edgar (US Regulatory) • 02/06/2024 06:14:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/21/2023 02:43:03 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/27/2023 09:24:44 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/25/2023 10:05:25 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/18/2023 04:47:41 PM
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 07/19/2023 07:37:48 PM
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