Answers these questions. Once these questions are answered, we can discuss the so called bridge loans.
The following post from the Raging Bull thread goes unanswered. I wonder why?
Answer these questions. Don't worry about Tilpue. If you can refute the facts the company has submitted to the SEC, do it. If not, lambs who wander onto this thread will see numerous attempts to gloss over the truth with lies and speculation.
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Lies will get you no where. Why not just address the questions I have posed several times here? Remember the questions I have, come from the annual audited report submitted to the SEC by the company. I am not making up anything, I am not speculating about boules or the companies' attention -- I am only repeating the concerns the company and its own auditor have put into an official report to the SEC.
Here it is:
If successful with our growth trials before June 2002, we plan to begin pilot production of material for the purpose of providing samples and, if possible, low volume sales to interested customers. We anticipate that these customers will take from three to nine months to evaluate our material and approve Galtech as a source of supply for cadmium telluride wafers. <<
Who are they providing samples to? How many samples have they provided? Where are the press releases?
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Number of Employees.
Galtech has five unpaid part-time employees and one full-time employees. During the next 12 months, management expects that we will have approximately fifteeen full-time employees and no part-time employees. <<
There are now 6 months into that projections of fifteen full-time employees. HOW MANY DO THEY HAVE NOW?
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A judgment in the amount of $40,563 was entered against us in December, 1992. This amount has been included as an account payable for December 31, 2001, in the Company's consolidated financial statements. <<
What is that judgement all about. Almost 10 years old. Why haven't they paid it? Can they pay it with stock?
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Management believes that the bridge funding provided by Verity will allow the Company to meet its administrative expenses over the next 12 months. However, unless the Company is able to obtain substantial additional funding from Verity or another source, it has insufficient funds to pursue meaningful development of its process for production of semiconductor materials. The Company will not have enough money to purchase cadmium telluride and other crystal growth supplies until it obtains additional funding. We continue to seek the needed funding to continue the commercial development of Galtech. Our preference is to do this in a way that will minimize the number of additional shares required to obtain these needed funds. The Company can provide no assurance that it will ever be able to obtain sufficient funding to continue with its research and development efforts. <<
The above makes no sense to me at all. In one portion they talk about having 15 full-time employees in next 12 months and in this portion they state: "However, unless the Company is able to obtain substantial additional funding from Verity or another source, it has insufficient funds to pursue meaningful development of its process for production of semiconductor materials."
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Liquidity and Capital Resources.
We had total current assets as of December 31, 2001, of $86,066, of which $85,708 was inventory and $358 was cash. As of December 31, 2001, our total current liabilities were $59,344. <<
We all understand the $358 cash figure very well. HAHAHA
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These conditions raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 6. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. <<
I kind of question this last statement. They questions its ability to continue as a going concern.
I question whether it is a going concern at all.
This is just one big mess and I really feel sorry for the smucks who have paid $1 to $4 a share.
ragingbull.lycos.com |
