LET IT RAIN I did some of your Google research and found ICOA has no history of being profitable in 20+ years and is still loooooooosing money. So what are they going to do this buyback with?????
As shown in the accompanying financial statements, the Company has a history of losses with an accumulated deficit of $25,658,937 and $23,375,805 at September 30, 2006 and December 31, 2005, respectively. The Company also had a working capital deficiency of $6,695,766 and $8,192,239 at September 30, 2006 and December 31, 2005, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient cash flow to meet its obligations, and obtain additional financing as may be required.
No provision for federal and state income taxes has been recorded as the Company incurred net operating losses since January 1, 1998 (Inception). The net operating losses will be available to offset any future taxable income. Given the Company's limited operating history, losses incurred to date and the difficulty in accurately forecasting future results, management does not believe that the realization of the potential future benefits of these carry forwards meets the criteria for recognition of a deferred tax asset required by generally accepted accounting principles. Accordingly, a full 100% valuation allowance has been provided.
News 
Market Data 
Discover 
