Is this a serious company? Last summer they said they expected to raise $150 million in debt financing through the EB-5 Visa program: - <<WEST PALM BEACH, FL--(Marketwired - Jul 16, 2014) - Alliance Media Group Holdings, Inc. (OTCQB: ALLM) (the "Company") announced today that through its subsidiary Carbolosic, LLC the Company has entered into an agreement with the United States Regional Economic Development Authority (USREDA) to provide up to $150,000,000 in debt funding for the construction of five (5) Cellulose to Sugar (CTS) plants in South Florida through the South Atlantic Regional Center (SARC).>>
Since they have only raised $1.25 million of that so far, they have only raised less than one percent of that goal..
It looks like management doesn't know what is going on. Either that, or they want people to believe that they are a real business to keep the pump and dump going.
This is from the most recent SEC filing - it's on page 16 and it looks like they didn't even come close to achieving their more recent target of raising $33 million:
<<Going Concern
The Company has incurred losses since inception, has a working capital deficiency, and may be unable to raise further equity. At March 31, 2015 the Company had a working capital deficiency of $1,952,240 and had incurred accumulated losses of $12,566,575 since its inception. The Company expects to incur significant additional losses in connection with its continued start-up activities. As a result, the report of the Company’s independent registered public accounting firm on the Company’s financial statements for the period ended December 31, 2014 contains an emphasis of matter paragraph regarding the Company’s ability to continue as a going concern based upon recurring operating losses and its need to obtain additional financing to sustain operations. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses. Furthermore, these Financial Statements do not include any adjustments related to the recoverability and classifications of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.
Through its private offerings, the Company raised $2,402,180 for the year ended December 31, 2014 and an additional $533,000 in the three months ended March 31, 2015. The Company has also begun receiving funding through its partnership with Carbolosic Energy 1, LLLP, pursuant to the U.S. EB-5 Immigrant Investor Program. In the fiscal year ended December 31, 2014, the company received $1,250,000 of a program target loan amount of $33,000,000.>>
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