ouch, that's the problem with this p&d. float, authorized and outstanding are huge. authorized 1.8 billion, yes billion. they pay all their bills over the past several years with common shares. they have no money. buyer beware on this one. if elite is pumping it, watch out.
straight from their latest 10Q
Since our inception, we have reported net losses, including losses of $999,544 and $1,633,217 during the years ended September 30, 2012 and 2011, respectively. We have
reported a net loss of $1,726,817 during the nine months ended June 30, 2013, and we expect losses to continue in the near future as we grow our operations. At June 30, 2013, we have
a working capital deficit of $1,386,662 and an accumulated deficit of $57,876,740.
During the past several years, we have funded our operations through sales of our common and preferred stock, short-term borrowings, and settlement of accounts payable by
issuance of common stock. During the nine months ended June 30, 2013, we have funded our operations through proceeds from convertible debentures and security purchase
agreements in the amount of $355,500. In addition, we received $191,980 in cash pursuant to the terms on sales contracts.
We require additional financing to execute our business strategy and to satisfy our near-term working capital requirements. Our operating expenses will use a significant
amount of our cash resources. As of June 30, 2013, we had $985,000 in accounts payable. Our management seeks to raise additional financing to fund future operations and to provide
additional working capital to fund our business. Without additional funding, our cash is estimated to support our operations through September 2013. We cannot provide assurance that
we will obtain sufficient funds from financing or operating activities to support continued operations or business deployment Without the needed funding or adequate cash flow from
operations, we may be forced to curtail our development or cease our operations altogether, which may include seeking protection under the bankruptcy laws.
AI
