another line from the TIGI SEC filing
secinfo.com
exerpts
Visitors Services, Inc. ("VSI"), a formerly wholly owned subsidiary of
TSIG filed a voluntary petition for relief under Chapter 7 of the
United States Bankruptcy Code for the Middle District of Florida, Tampa
Division on March 5, 1999. Creditors of VSI, including the Internal
Revenue Service, may assert a claim against TSIG. A contingency exists
with respect to these matters, including final determination of the
Company's ultimate amount of liability, if any. In addition, a
contingency exists with respect to the determination if TSIG is
required to reimburse an officer/director of TSIG/VSI for Internal
Revenue Service penalties assessed due to non-payment of the trust fund
portion of payroll taxes not remitted. A liability of $605,588 was
accrued by TSIG related to this matter as of September 30, 2000. TSIG
has also accrued $571,992 in federal payroll taxes due and unpaid for
1999 and the fourth quarter of 1998. ************************************************
The Company also has an 8% convertible debenture with an
outstanding balance of $2,668,138 as of September 30, 2000 that is due no later
than December 31, 2000. The Company currently does not have capital sufficient
to repay this obligation. These conditions raise substantial doubt about the
Company's ability to continue as a going concern. The consolidated financial
statements do not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts and
classification of liabilities that may result from the possible inability of the
Company to continue as a going concern. |
