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Saturday, October 12, 2013 2:06:10 PM
2. Going Concern
At June 30, 2013, the Company had a working capital deficit of $5.5 million and an accumulated deficit of $154.6 million. The Company has continued to sustain losses from operations and has not generated positive cash flow from operations since inception.
(...)
The Company cannot provide any assurances if and when it will be able to attain profitability. These conditions, among others, raise substantial doubt about the Company’s ability to continue operations as a going concern. No adjustment has been made in the condensed consolidated interim financial statements to the amounts and classification of assets and liabilities which could result should the Company be unable to continue as a going concern.
Like with PVSP, the Chairman is making unsecured loans to keep his company afloat.
Gross margin for the Carrier Services segment was 11.9%.
Gross margin for the Business Services segment was 51.1%.
FSNN operating loss was $0.7M over $14M of revenues in the last Q.
They have 109 employees.
A bad sign, they have factored out their receivables to a financial firm, Prestige Capital.
So, if FusionTel has an bill of, say $25K, payable in 30 days, Presitige can purchase it for cash at a discount, say, a 10% discount. Fusion receives the cash 30 days, up to 90 days, earlier than otherwise.
Such factoring arrangements are commonplace for financially distressed companies.
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