Yes, that's true. At this point, the only way to stop the bleeding is to pay off notes which they clearly don't have the ability to do at this point in time, hence the current stock price.
Will they be able to attain that ability in the near future will certainly depend upon making substantial revenue quickly.
Time may run out too quickly for them to achieve this.
Clearly, they can't even get an LOC finalized after 5 months. Perhaps management is incompetent? Maybe they are self serving and getting what they can for themselves until the company folds? I really don't know.
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