Some info from Form 10/A Amendment 2: Page 10.
"and at December 31, 2008, we had an accumulated deficit of $13,583,113. Further at December 31, 2008, we had an operating loss of $865,704. At March 31, 2009, we had a net loss of $1,613,386 and an accumulated deficit of $15,196,499.
The Company failed to make required interest payments in April of 2009 on $4.7 million in notes payable. As a result, the entire $4.7 million plus accrued interest is now due and payable.
On March 25, 2009, the SEC froze the assets of the Nutmeg Group, LLC and other related entities. ( This group held the notes, $2.7 mil. )
Our indebtedness could: dilute our common stock, to the extent the debt is converted into our common stock to fulfill these obligations; "
I like this company and the products, I am a shareholder as well. I am also somewhat new to the market. That being said, After reading the form, It is apparent that they NEED to get contracts going this year, (Costco, wal-mart, comp stores, etc..) OR a Buyout.... which looks good to me :)
Or are they uplisting to dilute????
Apologies in advance if this is waaay off base.
JW
