Friday, December 20, 2019 2:54:42 PM
Company had $41mill in debt, Deriavative liabilities of $4mill and another $16mill in notes payable.
This is some Godzilla size convertible notes bankruptcy could be a very real possibility on this one.
This line stuck out from the filings more nasty notes on the way
While we have plans to raise additional equity funding
We reported significant losses for the last two years and currently have a large deficit in stockholders’ equity. If we are unable to raise new equity capital and achieve sustained profitability, our business may not be financially viable.
For the years ended December 31, 2018 and 2017, we reported net losses of $27.3 million and $7.5 million, respectively, and we reported a $12.6 million loss for the nine months ended September 30, 2019. As of September 30, 2019, our balance of cash and restricted cash was $2.3 million, but we had negative net working capital of $16.4 million and long-term debt of $2.7 million. While we have plans to raise additional equity funding and significant expansion plans designed to attain and maintain profitability, if we do not succeed, our business might continue to experience losses and may not be sustainable in the future. In addition, at September 30, 2019, our total liabilities exceeded our total assets and we had an accumulated stockholders’ deficit of $11.5 million. Consequently, as discussed in Note 2 to our financial statements, we have substantial doubt that we could remain independent and continue as a going concern if we are not able to raise additional capital and/or refinance or restructure our existing
https://www.otcmarkets.com/filing/html?id=13751518&guid=VOyvUqSowRDYwyh
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