The 10-Q filed Nov 14 talks about a private placement and an obligation that must be paid by 12/31. I can't find any information as to whether the private placement was closed last month or if funds were raised to pay the obligation. Does anybody have any knowledge of this?
I'm looking for a possible bounce, but not if the lights go out next week.
From the most recent 10-Q:
The Company is obligated to pay $474,572 pursuant to a construction agreement upon completion of dried-in conditions, which it expects to occur prior to December 31, 2007. As of November 1, 2007, the Company does not possess sufficient cash to pay this obligation. In the event the payment is not made, the Company will be in breach of its contract and could forfeit all prior amounts paid.
The Company anticipates completing a private placement offering of restricted common stock which is scheduled to close on November 15, 2007. The Company believes this private placement offering as well as other anticipated funding efforts should be sufficient to meet its financial obligations through the end of this year as well as for 2008.
