Replies to post #330 on Unilava Corporation (fka UNLA)

[beachsideeddy2]

The company itself admits it is bankrupt:

Thermo Credit LLC, pursuant to a credit agreement, dated July 17, 2010, between the Company and the bank. This revolving line of credit is guaranteed/secured by the all of the assets of the Company including cash, accounts receivable and fixed assets (See Note 4 Accounts Receivable and Note 5 Fixed Assets). The credit agreement had certain debt covenants that the Company did not comply with during the years ended December 31, 2010 and 2009. The first covenant was that the Company must maintain a ratio of cash flow to scheduled principal payments plus all accrued interest payments on funded debt of not less than 1 to 1 as of the end of each fiscal quarter. The second covenant was that the Company must maintain a tangible net worth of not less than $0 as of the last day of each fiscal quarter.


The company has a net worth of less than zero. They admit it!! Read the 10-K! LOL


Enjoy the pump because everyone knows who is selling into it!!





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