atrevido76', you asked for some highlights of ICOA's Finanicals, here they are: My Best to all ICOA Longs !!!
capital.
F - 8
Going Concern
The Company anticipates that its use of cash will remain substantial for the foreseeable future. In particular, management of the Company expects substantial expenditures in connection with the planned deployment of new Wi-Fi hot spots in the coming year, the ongoing restructure of the Company, and settlement of past debts.
The Company has been delinquent in its payroll tax filings. It has accrued $2,118,872 consisting of the principal amount of $1,504,439, accrued interest of $254,028 and accrued penalties of $360,405. The Company has entered into a payment arrangement under which a percentage of revenue is applied to the delinquent payments on a monthly basis.
The Company needs to raise a minimum of $1,500,000 through public or private debt or sale of equity to continue expanding communications services, voice, facsimile, data and electronic publishing network and the service operation center, and to develop and implement additional contracts at airports, hotels and retail locations in order to continue placing terminals in high traffic locations. Such financing may not be available when needed. Even if such financing is available, it may be on terms that are materially adverse to our interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms. If the Company is unable to obtain financing on reasonable terms, the Company could be forced to delay, scale back or eliminate certain product and service development programs. In addition, such inability to obtain financing on reasonable terms could have a material adverse effect on the Company’s business, operating results, or financial condition.
