Hey pumper boy, here's some homework for you:
From E-Globe's most recent 10-Q: "The estimated capital requirement through mid 2000, needed to continue to fund certain anticipated operating losses, to meet the pre-existing 1999 cash obligations, to finance the growth plan and to meet anticipated requirements of the Company's announced acquisition program will be approximately $35 million.
The Company anticipates seeking to meet these cash needs from (1) a private placement fo equity in the fourth quarter of up to $15.0 million and (2) a financing of debt or equity in the first and second quarters of 2000 of up to $30.0 million, with the possibility that some of this total will be diminished by secured, equipment-based financing. There can be no assurance that the Company will raise additional capital or generate funds form operations sufficient to meet its obligations and planned requirements. Should the Company be unable to raise additional funds from these or other sources, then its plan would need to be sharply curtailed and its business would be adversely affected."
For those of you keeping score at home, the Company has so far publicly disclosed the raising of a grand total of $2.0 million of those needs, via yet another of its alphabet soup preferreds, this one the Series N, convertible at $3.25 per share (Guess what, some of it has already been converted). $2 million down and $33 million to go! No wonder we got a buzz-word filled new release about a business that doesn't yet exist. Great opportunity to dilute these newby hapless stuck holders a lot more! |
