Steve: Sorry for the delay. Following is an excerpt from the 10K
which explains where the $5mill came from:
During the quarter ended June 30, 1996, ISG received $3,768,266
representing partial net proceeds from the sale of 897,435 shares of its Common
Stock and 1,300,000 shares of its Series K Preferred Stock. Subsequent to the
end of the quarter, additional proceeds of $6,944,855 were received. These funds
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were available to fund the working capital needs of ISG and its real estate
subsidiaries, as well as to provide the $5,000,000 loan to TWT for its expansion
and working capital. It is anticipated that TWT could become cash flow positive
in the final quarter of fiscal 1996 and will be able to fund their growth and
working capital through their own operations and/or lines of credit. At June 30,
1996 the Company had operating cash on hand of $1,390,255 to support the working
capital requirements of the Company and its real estate subsidiaries.
JKeba |
