Why would I call my attorney when this is what is in MY own financial statements prepared by my INDEPENDENT AUDITORS?
"The filings/auditors do not say they Cannot pay" -Blue Heron
Really, it looks to me like it says that.
Torvec financial statements:
"The company’s efforts have been principally devoted to the development of its technologies and commercializing its products. Management believes that based upon its current cash position, its budget for its business operations through March 31, 2010 and collectability of its receivables in the ordinary course of business; the company will not be able to meet its anticipated cash requirements through March 31, 2010."
Here is the lease footnote for you:
"The company leases a facility located at 1999 Mount Read Blvd., Rochester, New York. The facility consists of approximately 13,650 sq. ft., with executive and engineer offices, conference room, “clean room,” manufacturing and assembly space, automotive bays, dynamometer and lift facilities and approximately thirty acres of land suitable for vehicle testing and demonstration. On April 29, 2008, the company executed a five-year lease for the premises (with a December 1, 2007 lease commencement date) which provides for rent to be paid at a rate of $5,687.00 per month ($68,244.00 per annum) and in addition, for the payment of the company’s proportionate share of yearly real estate taxes and yearly common area operating costs. Under the lease, monthly rental payments commenced June 1, 2008. The lease contains three 5-year renewal options and grants an option to the company to lease up to an additional 7,000 sq. ft. of adjacent manufacturing and assembly space.
Rental payments and certain other payments due to the landlord is to be paid in common shares of the company, based upon the closing price per share on the 15th day of the calendar month immediately prior to the date any installment payment of monthly rent or other payment is due landlord.
Rent expense for the three month periods ended March 31, 2009 and 2008 was $14,600 and $13,500 respectively."
Looks to me like you don't know your facts. Spend some time and do your due diligence.
AI
