What to do about 1.7M in quarterly costs vs 176K quaterly revenue. They are already deep in at 27M and the burn rate way outcost any money they will bring in this year.
Unless a settlement, but we learned last year they have no leverage as everyone just put them on the backburner except one small agreement from a company not doing so well.
Sales are nowhere yet. It would be good to see them land a decent contract. look at the social media companies now as they seem to be dwindling away. YELP down 50%, Facebook - who does that anymore...
Sure we can get some flippers over here to prop this one up for a while...
Statement : As of March 31, 2014, the Company had cash and cash equivalents of $1,679,915 and working capital of $1,186,118. During the three months ended March 31, 2014, the Company used net cash in operating activities of $630,540. The Company has incurred net losses since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
During the three months ended March 31, 2014, the Company received $1,024,558 in cash proceeds from the exercise of warrants. The Company believes that its current cash on hand will be sufficient to fund its projected operating requirements through the fourth quarter of 2014.
The Company's primary source of operating funds since inception has been cash proceeds from the issuance of common shares and preferred shares to its initial investors, proceeds from the issuance of convertible secured debentures and the sale of common stock and debentures in private placements. The Company intends to raise additional capital through private debt and equity investors, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
Accordingly, the accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.
Looks to me like they are stretching a little saying thru the end of the year. Maybe to the third quarter, by then they will backdoor some more shares and the dilution should bring this down to .08 at top dollar, or should we say penny...
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