Groove Botanicals, Inc. (GRVE)

[Volume]

I just found this..

Avalon Oil Seeks Additional Capital
07/14/2009
Avalon Oil and Gas, Inc. filed its Form 10-K with the Securities and Exchange Commission. The company has incurred a loss of $24,601,101 from inception through March 31, 2009 and has a working capital deficiency of $1,152,826. The company’s cash and cash equivalents were $26,406 on March 31, 2009. The company needs to raise additional capital. The company stated: “We need to raise additional capital during the fiscal year, but currently have not acquired sufficient additional funding. Our ability to continue operations is highly dependent upon our ability to obtain immediate additional financing, or generate revenues from our acquired oil and gas leasehold interest, and to achieve profitability, none of which can be guaranteed. Unless additional funding is located, it is highly unlikely that we can continue to operate. There is no assurance that even with adequate financing or combined operations, we will generate revenues and be profitable.”


What do you guys think?