At February 29, 2012, we had $41,253 in cash, as opposed to $15,324 in cash at May 31, 2011. Total cash requirements
for operations for the nine month period ended February 29, 2012was $575,040. As a result of its new business plan, management
estimates that cash requirements through the end of the fiscal year ended May 31, 2012 will be between $500,000 thousand to
$1,000,000 thousand. As of the date of this Report, we do not have available resources sufficient to cover the expected cash requirements through the balance of the year. As a result, there is substantial doubt that we can continue as an ongoing business without obtaining additional financing. Management’s plans for maintaining our operations and continued existence include selling additional equity securities and borrowing additional funds to pay operational expenses. There is no assurance we will be able to generate sufficient cash from operations, sell additional shares of Common Stock or borrow additional funds. Our inability to obtain additional cash could have a material adverse effect on our financial position, results of operations and our ability to continue our existence. If our losses continue and we are unable to secure additional financing, we may ultimately be required to seek protection from creditors under applicable bankruptcy laws.
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The company is authorized to issue 500,000,000 shares of common stock (par value $0.00001) of which 62,182,477 were issued
and outstanding as of February 29, 2012.
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Not to be a negative nancy, but this stock will only go up on hopes and dreams. In no way that this is the year for this company. Possible dilution ahead.
On the plus side, even at a 5x increase in the a/s, its still fairly low. If the stock price does go down in the near future, I'd pick some up as I could see us returning to these levels pretty quick - if the company is reporting profits. Also on the plus side, the company is current with the otc. Always a good sign.
Unless I'm missing something, why would want to buy hype? Never seems like a good idea. I'll wait for the price drop. GLTA.
