WASHINGTON (Dow Jones)HomeSeekers.com Inc. (HMSK) said significant management turnover, replacing its securities counsel, and severe cash flow problems ha ve kept it from completing the closing of the accounting records for the fiscal year ended June 30.
Because of these things, the company said, it was unable to file its annual report with the Securities and Exchange Commission on time, according to a filin g with the SEC Monday.
The company said it expects to report a net loss of about $20 million for the fourth quarter ended June 30.
The filing said the company has experienced and continues to experience severe negative cash flows and recurring losses from operations, has a working capital deficit and has no available cash reserves.
A recent shakeup at HomeSeekers.com resulted in the company's entire senior management team departing, without explanation from the company.
HomeSeekers, based in Reno, Nev., provides informationtechnology services to brokers, agents, builders, consumers and others in the real estate industry.
Looks like the end is near...depressing, but someone is gonna buy them because so many realestate agents depend on this software....my best guess is Cendant...perfect fit for them since they control the US market at this point with the realestate trust division.
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