Company has only $600
This sure looks scammy. They have built maybe one bike. They already have going concern language.
PATRIOT MANUFACTURING CORPORATION
BALANCE SHEET
SEPTEMBER 30, 2000
ASSETS
CURRENT ASSETS
Cash $ 600
Inventory 338,820
Other current assets 46
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Total Current Assets 339,466
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PROPERTY & EQUIPMENT - NET 67,163
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OTHER ASSETS
Certificate of deposit 10,000
Inventory 258,256
Deposits 2,500
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Total Other Assets 270,756
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TOTAL ASSETS $ 677,385
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(M) Going Concern
As shown in the accompanying financial statements, the Company incurred a net loss of $253,192 for the period ended September 30, 2000, a negative cash flow from operations of $707,256 and a working capital deficiency of $491,111. These factors raise substantial doubt about the company's ability to continue as a going concern.
The Company has continued its product design and development efforts to introduce new products during 2001. The Company also continues to expand into new motorcycle dealerships. Management believes that actions presently taken to obtain additional funding including working capital acquired as part of the reverse merger (See Note 1(A)) provide the opportunity for the Company to continue as a going concern
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Just say NO to stock fraud!
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Just say NO to stock fraud!
