Suspension is due to non filing and has nothing to do with idiot management taking on toxic financing.
The management made yet another series of bad decisions and tried to cover it up by not filing. Public companies not filing is numero uno in the SECs eyes.
And if they had 350k in revs why would they need financing anyways? For their small time operation, with no offices even, how could their operating costs be so high as to drain all that cash? Other companies do more with less.
If they had a brain amongst them they would have become non reporting. That would have been a little tap on the shoulder compared to the black eye of a revocation hearing. Even if they get out of it no lender is gonna touch them because now theyre tainted. Getting off doesn't always mean not guilty.
As for there being 'something more to it', so far they haven't answered anything the hearing has asked for. There is little to no proof that anything is coming, and since their MO for 4 or 5 times now (Ive lost count) since inception has been "Yeah, ok, we didn't really have anything and we got caught hiding the facts' the odds are stacked greatly that the outcome will be the same yet again.
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