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The Company believes, on a forward-looking basis, it will begin to generate revenue, in addition to those generated by Gomez, during its fiscal year ending March
31, 2000. The level and timing of such revenue is dependent, among other factors, the Company's assumptions regarding (i) the date the VTS(TM) commences live
operation; (ii) the trading volume experienced by the VTS(TM); and (iii) the pricing the Company is able to obtain for VTS(TM) trade execution. Until adequate
revenue is derived from the VTS(TM), the Company's cash, cash equivalents and cash flow from operations will not be sufficient to meet the presently anticipated
cash requirements. Therefore, the Company anticipates exercising additional Puts to the Private Equity Investors until the Private Equity Line is completely utilized.
The Company's future capital requirements will depend on many factors, including the timing for the launch of the VTS(TM), market acceptance of the Company's
products, the timing and extent of spending to support new product development efforts and the timing of introductions of new products and enhancements to existing
products. The Company may need additional financing in the future if (i) the Company experiences unexpected costs, (ii) there are further delays in the introduction of
the VTS(TM), or (iii) the Company fails to successfully develop markets for its products. The Company and its subsidiaries will also require additional financing to
fund development of its products, such as eMC(TM) and NextExchange. Such financing may be raised through spin-offs, additional equity offerings, borrowings, or
other collaborative relationships, which may require the Company to share ownership of its subsidiaries and/or revenue from products. There can be no assurance
that additional equity or debt financing, if required, will be available on acceptable terms or at all. |
