This is in management discussion
iquidity and Capital Resources
The Company has a working capital deficit of $675,630 and has incurred losses since its inception that raise
substantial doubt about its ability to continue as a going concern. At September 30, 1997 the Company had a
working capital deficit of $675,630 as compared to working capital of $456,560 at September 30, 1996. The
decrease in working capital is primarily due to the addition of $1,250,500 in debt that comes due within one
year, partially offset by the working capital of Okon. $560,500 of the $1,250,500 in current portion of
long-term debt is convertible into the Company's common stock at the Company's option if not converted by
the noteholders by April 16, 1998 and if the Company does not pay the debt in cash at that time.
The cash realized by the Company during the fiscal year ended September 30, 1997 and the cash generated
from Okon's operations are expected to be adequate to fund the Company's operations at the current level
through the first half of the 1998 fiscal year. In order to realize revenues from the Company's interests in ITN
Electronic Substrates LLC, which intends to manufacture and sell flexible thin-film, and from ITN/ES
For the entire text get the link from post no. 22 on this thread and click on glimpses.
What do you think
Live long and prosper,
Little Joe |
