There is absolutely NOTHING promising in the filing whatsoever. It seemed to be more of what we have already heard.
Allow me to sum it up for the people who have not read it:
- ZERO revenues for the fourth quarter
- $2,507,076 in operating expenses for the year. This was an
increase of $2,251,635 over 2002 due to legal, consulting,
professional services, and salaries
- Net Loss for 2003 was $2,383,076
- As of Dec. 31, 2003, they had net working capital of $172,704
- Company needs an additional $5 million to complete the
process and begin shipment of the products. There is no
guarantee that the capital can be raised.
- Now states that they expect to begin shipping of its products
during 3rd or 4th quarter of 2004 (which is now a year later
than what they said originally in previous filings and is
still contingent on whether they can raise the needed
capital)
- There is no mention of the down payment from C.G.E.
Distributors Corp that was to have been made in October,
2003...it just mentions that they have signed a one year
agreement with them as previous filings have mentioned
So, there you have it. The person that said that this looks very promising...you must not be reading this in the same language that I am. I would like to hear some other viewpoints once you guys read the filing...
