yep financials came out..and CFO resigned, guess they do not need one at the moment after the financials of the last 3 years had been done...they need to save money where ever they can..what I did like about the financial was the following quote'
NOTE 7 - LINE OF CREDIT
The Company has a $10,000,000 line of credit that matured on December 15, 2007. The Company is in default on the loan and is operating under a temporary forbearance agreement through August 15, 2008. The line bears interest at 3.375% over the published LIBOR Rate (currently 8.61%) and is secured by all accounts, property and equipment. The outstanding balance at December 31, 2007 and 2006 was $9,151,283 and $9,407,272 respectively.
Under the terms of the temporary forbearance agreement, the unpaid principal balance on the line of credit is capped at $9,151,283, with no additional borrowings allowed,(b" and the Company’s principal officer and stockholder was required to personally guarantee a portion of the loan balance, limited to a maximum of $2,000,000.(b)" The agreement also requires that any income tax refunds received be utilized to reduce the outstanding loan principal.
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