Quarterly update (10Q just out).
10. Subsequent Events
On July 1, 2000, Panda vacated the premises of its executive offices
at 951 Broken Sound Parkway NW, Boca Raton, FL 33487. The Company
currently has no principal location.
In the header they list:
BOX 174 Mills Road
PURDYS, NEW YORK 10578
(Address of principal executive offices)
Cash now down to zero, virtually no tangible assets, current liabilities of $4.8M.
Other snippets that'll give you a flavour of the thing:
The average number of employees has decreased from 20 at June 30, 1999 to 2 full-time and 1 part-time employees as of June 30, 2000.
WE ARE DEPENDENT UPON THE SUCCESS OF SBI AND SUFFICIENT CASH TO MAINTAIN OPERATIONS. We require approximately $20,000 monthly to fund the Company s current operations.
WE CANNOT REPAY OUTSTANDING INDEBTEDNESS: ...SBI has loaned the Company $2,295,000. [...snip...] As of August 12, 2000 the principle has not been repaid to SBI. |
