Until you see another SEC filing, this is your last official word from the company.
LIQUIDITY AND CAPITAL RESOURCES
Since its inception on May 1, 1999, the company has accumulated net
losses of $5,815,778. The Company's primary activity to date has been to develop
the www.generalsearch.com Internet site. To finance its development activities,
the Company has relied exclusively on capital-raising transactions. The
Company's consolidated financial statements are presented on the going concern
basis, which contemplates the realization of assets and satisfaction of
liabilities in the normal course of business. However, as of September 30, 2000,
the Company has a working capital deficit of $5,228,287 and a stockholders'
tangible deficit without the inclusion of goodwill of $3,611,744. The Company
has not begun to generate any significant revenues from its Internet business or
its affinity marketing programs. The Company is materially delinquent on
payments to various creditors, including the Internal Revenue Service. There can
be no assurance that the Company will be able to achieve material revenues or
profitable operations.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. |
