Fred --
Well, speaking of laughing matters (altho in GMGC's case, it's no laughing matter), the 10-Q reads pretty badly, with all kinds of caveats to keep the lawyers happy.
But if there's any glimmer of hope, it would appear to be found in the following paragraph:
"On August 2, 2002, the Company signed a non-binding term sheet with an institutional investor that specializes in investing in high risk companies (a "Potential Investor"), providing that the Potential Investor will invest $5,000,000 in exchange for preferred stock and warrants if and only if the Company is able to find additional investors that will invest an additional $5,000,000 in capital (the "Additional Investors") in a $10,000,000 round."
The upside is that if (and admittedly it's a big IF) they can raise the other $5 mil., then the company is probably in good shape to continue operating as is for quite awhile longer as they await some new business coming in the door (the downside being more potential dilution, of course). If not, well, things look bleak indeed.
Ahhh-h, will this teasing never stop??
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