INBI Big time? Big time losers, you mean. The new 10-Q is just as ugly as the prior ones.
Loss for the quarter of 5 cents a share. Hey, that is about the same as the current stock price!
And that $2 million they borrowed from their major shareholder in September that was due to be repaid October 15th? Looks like it remains outstanding.
And any positive news of the Ronco deal in the current 10-Q? Nope. Just that they spent some money on legal fees. Nothing more.
You really should pay attention to Note 2 to the financial statements:
Note 2 – Going concern and management’s plans:
The preparation of financial statements in accordance with generally accepted accounting principles contemplates that operations will be sustained for a reasonable period. However, we have incurred and continue to incur net losses and operating cash flow deficiencies and our current liabilities exceeded our current assets by $2,023,545 as of September 30, 2012. Further, as more fully discussed in Note 6 to our Consolidated Financial Statements, we have material cash redemption requirements associated with our Series G Preferred Stock that will arise on December 31, 2013. Since our inception, we have been substantially dependent upon funds raised through the sale of preferred stock, common stock and warrants to sustain our operating and investing activities. These are conditions that raise substantial doubt about our ability to continue as a going concern for a reasonable period.
The Company received $6,500,000 of funding from the sale of preferred stock and warrants during the year ended December 31, 2011 and, during the quarterly periods ended June 30, 2012 and September 30, 2012, received $250,000 and $210,000, respectively, in advances from an investor on an impending financing arrangement. During the quarterly period ended September 30, 2012, the Company issued a $2,000,000 note payable to an investor. Proceeds in the amount of $250,000 and $750,000 were received in advance during the quarters ended June 30, 2012 and September 30, 2012, respectively. The remaining $1,000,000 was directly paid by the investor to another party on behalf of the Company as a bridge loan due October 15, 2012. Notwithstanding this additional funding, our ability to continue as a going concern for a reasonable period is dependent upon achieving our management’s plans for the Company’s operations and, ultimately, generating profits from those operations. We cannot give any assurances regarding the success of management’s plans. Our consolidated financial statements do not include adjustments relating to the recoverability of recorded assets or liabilities that might be necessary should we be unable to continue as a going concern.
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