World Surveillance Group Inc (fka WSGI)

[Jetmek_03052]

1st quarter 10Q out today.

I see they're up to almost 300,000,000 shares out already. Only 200 million to go before they have to authorize more. LOL.

And look at those "consulting fee's" for the 1st Q alone! Almost $500,000 dollars! Wow. Pretty expensive "consultants".

So far, the net loss for the first three months is only $729,090. Wow.

"The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, the Company had a net loss of $729,090 and used cash in operating activities of $154,104 for the three months ended March 31, 2010, and had a working capital deficit of $15,789,169 and a stockholders’ deficit of $13,840,619 at March 31, 2010. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company anticipates that a net loss will continue for the balance of 2010.

Looks like 7 more months of losses. So much for the contracts.