Company is still alive and even reporting ... but pretty dismal outlook.
One of most disturbing items for me in the last 10k was this:
We have been unable to make all required payments to the federal government for payroll taxes withheld from employee paychecks and the associated matching employer payroll taxes from April 1, 2015 through December 31, 2015 and for November and December of 2016. As of March 24, 2017, we owed approximately $332,000, including penalties and interest assessed through December 31, 2016, for the previously described payroll tax obligations to the federal government. We proposed a payment plan to the federal government and made payments totaling approximately $53,000 from September 30, 2015 through December 31, 2016, but we have not reached an agreed payment schedule for the remainder of our federal payroll tax obligations as of the date of this report. However, we made all federal tax deposits for 2017 payroll periods through March 24, 2017.
A friend of mine who owned his own business said you can get away with not paying just about everyone -- except the government -- when you're business is facing financial woes.
One day he went to work and there was a padlock on his door. Govt agents hounded him until he caught up on his taxes. Story had a good ending though because they asked him if he had any means to pay. He told them he had one customer who owed him a substantial sum but was withholding payment. Agents got in the car with him and drove to his customers office.. explained situation... owing party cut a check on the spot.
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