After r/s BOD, owners control less than 1%. see pg 49
They just issued 32 mil. shares this year. "From January through March 2009, the Company issued an aggregate of 32,189,086 shares of common stock to the holders of the Secured Convertible Promissory Notes"
"As of December 31, 2008, we had approximately $1.5 million of debt principal outstanding and overdue on the Notes secured by all our assets. We do not currently have the ability to service this debt in cash so we are required to pay off the debt in shares of our common stock."
They have $125,000 cash and last year needed $700,000 to operate. Plus debt to pay off. I don't see how CHBO will avoid dilution.
"As of December 31, 2008, the Company had cash and cash equivalents of $124,368 and working capital deficit of $2,175,061, as compared to cash and cash equivalents of $1,317,556 and working capital deficit of $1,157,189, respectively, at December 31, 2007. The decrease in our working capital was attributed to continuous operating losses incurred.
For the year ended December 31, 2008, the Company used approximately $710,607 of cash for operations as compared to approximately $1,042,190 for the year ended December 31, 2007, primarily attributed to lower operating expenses or losses incurred in 2008."
