Now, let's see:
Total current assets are $144,447.
Property and equipment net out at $77,435.
Total current liabilities are $1,923,658.
Even excluding all the back pay owed to your worthy "management", current liabilities are nearly $700,000 - that's more than three times the current assets.
I believe there's a technical accounting term for that situation, where your current debts outweigh your assets by a large margin, and you have no income to speak of.
I think it's something like "insolvent", but no doubt any accountants here, if there are any, could clarify whether FASC are just "technically insolvent" or really insolvent, please?
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