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Technology Stocks : 7th Level
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To: Ron Wargo who wrote (401)8/29/1997 1:16:00 AM
From: Eric Hautala   of 1019
 
I pasted page 8 of the last 10Q below and included the link to Edgar. They've run out of the ability to secure secondary financing (as they have no assets to secure credit against). They've called in all their AR. No bank is accepting an office full of depreciating funiture, servers and workstations as collateral. Management starting to sell all they have left - half finished titles (Dominion), offices buildings, you name it because they can't finance completing it. Bad mojo - at least they're being honest with their chances.....

sec.gov

The Company is taking steps to reduce its cash usage from the current
rate of approximately $2.0 million per month(1). In the event that the Company
is unable to adequately reduce its usage rate and/or is unable to generate
capital from the strategic activities described above, current assets alone,
including a $7.0 million balance of cash and short-term securities, may be
insufficient to satisfy the Company's capital requirements for the next twelve
months. With the high level of collections in the second quarter and the
resulting low level of accounts receivable available to secure an asset based
credit line, the Company does not anticipate it will be able to secure an asset
based credit facility on terms acceptable to the Company. As articulated above,
the Company's main focus in addressing its liquidity needs is the pursuit of
various strategic transactions which are the subject of ongoing discussions.
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