documents : going concern !
Thanks for reminding this Mak, indeed within the documents you mentioned, one can read company promises from a while ago that were never fulfilled,
and one can look at the disastrous financial situation, this company is nearly bankrupt, and a financing is promised from week to week to week...
you will also noticed that it was never disclosed to the auditors that the original german equipment was not working ( does it, doesn't it). The germans were supposed to go to the plant and start it up, I gess they never had the chance to go and do it. In the mean time, it appears that MDOR has buffers working 1 shift only.
You will also read the following (from 10 K Weinberg):
"The Company expects to show continued losses through the first half of calendar 2009 and there can be no assurance that such losses will not continue thereafter.
The success of the Company’s operations are largely dependent upon its ability to establish and improve operating efficiencies and overall production capacity, generate substantial sales revenues and generate adequate cash-flows from operations.
The Company’s operations are subject to numerous risks associated with the establishment of its business, including lack of adequate financing sources and competition from numerous large, well-established and well-capitalized competitors."
And also :
"The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has recurring losses from operations, negative cash flows from operations, a working capital deficit, and a stockholder’s deficit, which raises substantial doubt about its ability to continue as going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty."
This is what is available for non insiders !
