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Tuesday, March 25, 2014 4:02:20 PM
"Current Adverse Economic Conditions have had a negative impact on our ability to obtain additional financing. Our inability to obtain additional financing would have a significant adverse effect on our operations.
In early 2008, as the United States economy began to weaken and there were increased doubts about the ability of borrowers to pay debts. Housing values began to fall and marginal loans were first to default, triggering the sub-prime lending crisis. Financial institutions responded by tightening their lending policies with respect to counterparties determined to have sub-prime mortgage risk. This tightening of institutional lending policies led to the failure of major financial institutions late in the third quarter of 2008. Continued failures, losses, and write-downs at major financial institutions through 2013 intensified concerns about credit and liquidity risks and have resulted in a sharp reduction in overall market liquidity. The global credit crisis threatens the stability of the global economy and has adversely impacted consumer confidence and spending. We believe this global credit crisis has also had a negative impact ON OUR ABILITY TO OBTAIN ADDITIONAL FINANCING. As discussed above, our inability to obtain additional financing would have a significant adverse effect on our operations, results and financial condition."
THAT is "interesting" to say the least. I don't believe I've ever seen them add that additional verbiage before about "tightening" of credit or more "difficulty" in continuing to get financing? And now you wonder perhaps why insiders cashed out debt for equity shares in swaps? Interesting IMHO. Very interesting.
This is going to take hours to read cover to cover and dissect anything new/unusual.
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