SFXC
As of September 30, 2003, the Company's current liabilities exceeded its
total assets by approximately $(63, 216), and its accumulated deficit is
approximately $13,580,960. Substantially all of the Company's liabilities are
past due.
On September 30, 2003, we had cash of $32,146 and a working capital deficit
of $(70,656). This compares with cash of $22 and a working capital deficit of
$(293,350) at September 30, 2002. The decrease in working capital deficit was
due to a modest increase in cash, the collection of proceeds in the amount of
$318,929 from the private placement of common shares, and the settlement of an
aggregate $11,231 in debt through the issuance of common shares.
Net cash used in operating activities was $182,344 for the nine months
ended September 30, 2003, which represents net loss of $(161,662), less $67,709
primarily attributable to the payment of payables and accrued expenses, and an
increase in inventory of $67,570, which compares with net cash used in operating
activities of $120,488 for the same period ended September 30, 2002. The
increase in net cash used in operating activities for the nine months ended
September 30, 2003, as compared with the nine months ended September 30, 2002,
is primarily attributable to the resulting use of more cash and less common
stock, for the payment of services rendered in the applicable quarters.
Net cash used in investing activities totaled $8,277 for the nine months |
