BAOA 10KSB Financials Out
biz.yahoo.com
Exerpt:
NOTE B - GOING CONCERN UNCERTAINTY - CONTINUED
The Company has customer contracts to provide telemarketing services commencing with the opening of its two (2) planned call centers. The City of Atlanta, Georgia has issued final site and financial commitment approval for the Company's Atlanta Empowerment Zone call center. The City of New York City, New York has issued its final site and financial commitment approval for the Company's New York Empowerment Zone call center.
On February 22, 1999, the Company received a financing commitment letter from the Atlanta Empowerment Zone Corporation for a development loan of approximately $3.5 million at an interest rate of 8.0% and a term of ten (10) years. As of March 23, 2000, the loan, and related documentation, has been executed and the initial funding has been made.
On September 3, 1998, the Company was approved by the Upper Manhattan Empowerment Zone Development Corporation for a development loan of approximately $800,000. As of March 23, 2000, the loan, and related documentation, has not been executed or funded.
Additionally, management believes that its ongoing efforts to raise additional capital through the sale of equity securities and/or debt instruments will provide additional cash flows. However, there can be no assurance that the Company will be able to obtain additional funding or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company. |
