Ealixir Inc (EAXR)

[Brookboy]

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The Company has the full support of our secured lender for the new operating plan. However, the Company still faces significant challenges with overall debt and a number of summary judgments against the Company with others taking legal action to secure judgment for past debts that may have a negative impact on operations going forward. Details of judgments and legal actions are fully detailed elsewhere in Item VIII, Section A.11 and in Note 17 of the accompanying financial statements.
As a result of the corporate restructuring and ongoing debt and historic liability negotiations and settlements, the Company recorded a net profit of $444,646, in the fiscal year ended June 30, 2012, as compared to a net loss of $ $9,251,860 in the fiscal year ended June 30, 2011. Our overall cash decreased by $96,477 in the twelve months ended June 30, 2012, compared to an increase in cash of $77,478 in the fiscal year ended June 30, 2011. Cash balances at June 30, 2012 stood at $420.

Better than having a loss as they did last year.

Also, he made arrangements with creditors.