Who in the world would write a credit demand letter to this poor ailing public company? Ice water must run through their veins. The amount must be big enough to deliver the coup de grace -- doesn't have to be very big to do that, actually. Are the powers that be just waiting for the opportune moment to finally close their doors and "labs" and books?
Who's in charge at cdex these days anyways (tm nasfanium) ... not just by some public title but in fact?
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ITEM 1. Legal Proceedings
Due to the lack of liquidity, the Company is in arrears on a number of its financial obligations. To date, most creditors have been willing to renegotiate the obligations as they become due or forestall any recourse they may have to collect their debts; however, we have received a demand letter from one of our creditors. Should any of these other creditors pursue recourse; the Company may not be able to continue as a going concern.
In addition, we may from time to time be involved in legal proceedings arising from the normal course of business. As of the date of this report, we have not received notice of any other legal proceedings and the Company is not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on the Company’s financial position or results of operations.
AI
