![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Friday, October 18, 2013 12:02:15 PM
Liquidity and Capital Resources
As of May 31, 2013, the Company had net cash of $22,705.
Net cash used for operating activities for the year ended May 31, 2013, was $1,307,536, as
compared to $860,530for the year ended May 31, 2012. The Company finances its operations
from the proceeds from debt offerings. Net cash obtained through all financing activities for the
year ended May 31, 2013, was $1,577,319 compared to $910,815for the year ended May 31,
2012.
The Company has an open credit line with Magna Group, LLC for $2,000,000 of which the
Company has drawn $732,000 as of September 20, 2012. The Company plans to raise additional
funds through joint venture partnerships, both project equity and debt financings or through future
sales of our common stock and potentially restricted stock, until such time as our revenues are
sufficient to meet our cost structure and financial obligations, and ultimately achieve profitable
operations. Our financial statements do not include any adjustments that might result from the
outcome of these uncertainties. If the Company is not successful in obtaining additional capital by
the end of fiscal year 2013, it may be limited in its ability to further the development of the current
product offering and to meet its financial commitments.
HealthLynked Corp. Announces Second Quarter and First Half 2024 Results: Continued Cost Reductions Set the Stage for Strategic Shift to App-Based Technology Services • HLYK • Aug 16, 2024 8:00 AM
PickleJar Announces Official Name Change and New Ticker Symbol • NREG • Aug 15, 2024 2:23 PM
VAYK's Q2 Profit Added to Accumulated Net Profit of Over $2.2 Million In 18 Months • VAYK • Aug 15, 2024 9:07 AM
Swifty Global Reports Strong Q2 Performance and Prepares for Major Exchange Uplisting • DRCR • Aug 15, 2024 9:04 AM
Mayback's Global Entertainment Signs Global Distribution Agreement with Children's Media Studio • AHRO • Aug 15, 2024 8:45 AM
POET Technologies Reports Second Quarter 2024 Financial Results • POET • Aug 15, 2024 8:04 AM