You guys should do some outreach to the FRGY stuckholders after today 10Q. Man what a scam.
The Company did not generate any revenue in the quarter ended March 31, 2008, the quarter ended March 31, 2007 or the year ended December 31, 2007; nor has the Company had access to sufficient capital to implement our business plan. Since our future revenues from operations (if any) will not provide sufficient capital to allow us to implement our acquisition and merger plans in the near future, we must secure a source of additional capital.
We currently have very limited operating funds ($7,657 as of March 31, 2008), and we will require additional cash to maintain our operations for the next twelve months. Our operating expenses for the three-month period ending March 31, 2008 were $144,547, as compared to $1,128,867 for the same period in 2007. Of the $144,547 in total expenses during the three months ended March 31, 2008, $49,950 was stock-based expenses and $327 was depreciation, which are non-cash items. Based on the cash we currently have, we will likely need additional financing to continue operations beyond June 30, 2008. We have been dependent on loans and private sales of our common stock to continue operations. Thus, our success is entirely dependent upon our ability to raise additional capital. If the Company cannot raise additional capital in the very near term, the Company may be forced to discontinue operations.
We believe that we will require an additional $3,000,000 to fund our currently anticipated requirements for our proposed operations to implement our business plan over the next twelve-month period, most of which the Company must raise through loans or the sale of equity. In the longer term, we hope to satisfy our liquidity requirements from cash flow from operations and to the extent such funds are insufficient, we must raise additional funds to sustain operations. We can give no assurances that we will be able to obtain the required capital from any source or that we will be able to commence operations.