The reason for the sell off since yday was the 8k filing in case somebody here didn't see it yet.
On March 28, 2014, as part of completing the Company’s annual report, management in consultation with the Company’s auditors determined that the annual report will include a “going concern” advisory statement. Through the process of negotiating the Transaction, management created detailed cash flow and operational forecasts.
Those forecasts showed that the company would be able to not only continue its operations but invest in new ventures within Texas Gulf Specialty Services to provide turnaround work to the petrochemical industry. Since the sale of the Services Assets on November 22, 2013, the forecast for accounts receivable has been negatively impacted by non-payment, primarily regarding customers and transaction related payments from the Transaction related to the works-in-process at closing of the Transaction.
Additionally, the Company’s wholly-owned subsidiary International Plant Services, LLC (IPS) continues to have difficulty in obtaining guest worker Visas for the craft workers from the U.S. Department of Homeland Security which results in continued declines in its revenues. Further, the Company’s accounts payable have increased due to unbudgeted significant severance packages paid to former IPS employees and continued professional fees related to the Visa applications and litigation.
The Company believes that if it does not reduce expenses, secure a loan, or bring in additional equity its inability to continue as a going concern becomes a significant possibility
News 
Market Data 
Discover 
