DEPI Reports (1c) FY02 Loss; Going Concern Issue
Ridgeland, MS, DEC 26, 2002 (EventX/Knobias.com via COMTEX) -- Duro Enzyme Products Inc (OTCBB: DEPI) released its financial results for the three months ended September 30, 2002.
FISCAL 2002
- Revenues were $0, versus $0 in the year ago period.
- Net income (loss) was $(5,161,851) or $(0.01) per diluted share versus $(657,688) or $(0.01) per diluted share in the year ago period.
BALANCE SHEET
During fiscal 2002:
- Cash balance declined to $(1,262) from $3,189
- Working Capital declined to $(1,947,607) from $(257,957)
- Total shareholders' equity declined to $(2,713,122) from $(635,697)
- Shares outstanding increased to 657,778,000 from 32,876,400
- Cash used in operating activities: $ (470,291)
The Company reported: There can be no assurance that the Company will be able to continue as a going concern or achieve material revenues or profitable operations.
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