Two statements caught my eye....
"Currently, eight of our 16 employees, including our Chairman and President, are actively engaged in sales."
Well, let's hope they can utilize their extensive, network contacts, to get their collective "foot" in some doors!
And second:
"Provisions in our charter documents and Delaware law may deter takeover efforts.
Certain provisions of our certificate of incorporation and bylaws, including those related to our ability to offer "blank check" preferred stock, may discourage, delay or prevent a merger or acquisition that a stockholder may consider favorable. We are also subject to Section 203 of the Delaware General Corporation Law which restricts certain business combinations with interested stockholders. The combination of these provisions may inhibit a non-negotiated merger or other business combination."
Now I'm really confused....how does this play into the possibility of:
" As of May 14, 2002, we have issued approximately $1.145 million of unsecured notes bearing an interest rate of 11.5%. We must repay the principal of, and accrued interest on, these notes on September 30, 2002. Our ability to make these principal and interest payments is dependent on our future performance. Our performance is subject to many financial, economic, business and other factors affecting our operations, many of which are beyond our control. If we are unable to generate sufficient cash flow from operations to meet our future repayment obligations, we may be required to refinance these notes or to obtain additional financing. We may be unable to obtain such refinancing or additional financing on acceptable terms, if at all.
The terms of the notes require us to raise an additional $912,500 as follows:
at least $412,500 by May 15, 2002; and
at least $500,000 by June 10, 2002.
If we are unable to raise additional funds in the amounts and by the dates indicated, we will be in default under the notes, and the holders can accelerate the maturity of the notes. Furthermore, if we fail to raise the additional capital required by May 15, 2002, the holders may also elect to secure their notes by a lien on all of our assets, including tangible assets and intellectual property."
Given the fact that we have "Interested Parties" involved in both sides of some of the recent transactions ???
I guess we will find out tomorrow......
GOMUCP !!! |
