Remote Dynamics Inc (RMTD)

[vladimirr]

10-Q Filed:Nov 13, 2009 Period Ending:Sept 30, 2009

Accounts payable
$ 1,237,000
Accounts payable - related parties
56,000
Deferred product revenues - current portion
873,000
Series A convertible notes payable
2,722,000
Series B convertible notes payable
6,116,000
Note payable - related parties
250,000
Accrued expenses and other current liabilities
2,553,000
Accrued expenses and other current liabilities - related parties
217,000
Total current liabilities
14,024,000


Commitments and contingencies

We do not currently have the cash on hand to repay amounts due under our secured convertible notes if the note holders elect to exercise their repayment or other remedies. If our efforts to restructure or otherwise satisfy our obligations under the notes are unsuccessful, and we are unable to raise enough money to cover the amounts payable under the notes, we may be forced to restructure, file for bankruptcy, sell assets or cease operations.

www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6889638

14 million debt, they chose to sell assets and cease operations. Better for shareholders than bankruptcy.
Who knows when or what will happen.

GLTA
Vlad
GO RMTD