From a new 8k filing ILCC:
DETERIORATION OF FINANCIAL CONDITION
As reported in the audited financial statements for the year ended March 31,
2001 and in the quarterly reports filed in the 10-KQSB for the periods of
September 30, 2001 and December 31, 2001, the company has been seeking an
additional equity injection in order to continue in operations as outlined in
the going concern note to the financial statements. The Company announced the
signing on May 29, 2002 of an agreement for US$1,200,000 arranged through Finlay
Investment & Consulting Inc., with an European investor. The European investor
has not been able to fulfill its obligation for financing under this agreement
within the time frames required by the Company. As a result, the Company
continues to experience severe liquidity problems and expects the situation to
continue until such time as new equity can be arranged. Given these liquidity
problems, the Company cannot proceed with the stock buy back program nor its
expansion and development of the US market.
In addition, the Company expects any audit report received in connection with
the March 31, 2002 Statements to again include a going concern statement to the
effect that there is substantial doubt as to the Company's ability to continue
as a going concern without an equity injection.
While management is pursuing various options, there can be no assurance that
the Company will be able to obtain the capital required to meet its liquidity
requirements.
LISTING REQUIREMENTS
The Company recently filed for an extension for the filing of its March 31, 2002
audited financial statements on Form NT 10K on June 28, 2002. As a result of the
above noted liquidity problems, the Company cannot pay its auditors, Rotenberg &
Co., LLP and accordingly, the Company will not be able to file its 10-KSB by
July 15, 2002.
With trading you must conquer your emotions and be very disciplined about your goals.
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