Here is what RXPC says about possible bankruptcy:
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As previously disclosed in our recent filings, we have been experiencing severe working capital shortages. In addition, substantially all of the holders have declared defaults and demanded repayment of these obligations. Unfortunately, our attempts to raise additional funds to resolve our capital shortages and cure defaults in payment and performance of our obligations have been unsuccessful to date
As a result of our working capital deficiencies, we have recently laid off a substantial portion of our work force and are currently operating on a minimal basis with only two employees and three former employee consultants. The current focus of our operations is to ensure that our existing Onko-Sure® customers and any future customers are able to place orders and receive kits on a timely basis. We have an Onko-Sure® production continuity arrangement in place with one vendor. At the current time, the Company believes that it does not require any additional staff to perform this limited manufacturing, quality control and selling process.
In addition to our inability to pay our existing obligations, we were unable to pay our auditors and therefore had been unable to file our Annual Report on Form 10K for the year ended December 31, 2011, which was due by April 16, 2012 (extension deadline). We were also unable to file our Quarterly Report on Form 10Q for the quarter ended March 31, 2012, which was due by May 21, 2012 (extension deadline). As stated elsewhere in this Report, we received funds to file this Report and the Quarterly Report on Form 10Q for the quarter ended March 31, 2012 and are working diligently to file such report by the contractual deadline to do same.
The committee of our three independent directors continues to assess whether the Company has any other options to remain in business. Due to the shortage of working capital, we were unable to pay premiums associated with our Directors and Officers insurance. As a consequence, on June 25, 2012, we were informed by two members of our Board of Directors of their resignation. As a result, we have only one independent Director serving on our Board at this time. Although our remaining sales team continues to work towards completing pending and future sales of our Onko-Sure ® test kit, if these sales are not completed and we do not otherwise raise additional funds in the immediate future, it is likely that we will be forced to cease all operations and might seek protection from our creditors under the United States bankruptcy laws.
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